Macerich (NYSE:MAC) Posts Earnings Results, Misses Expectations By $0.51 EPS

Macerich (NYSE:MAC) issued its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.44 by ($0.51), FiscalAI reports. Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The company had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million.

Macerich Stock Up 1.9%

Shares of NYSE:MAC traded up $0.37 during trading hours on Wednesday, reaching $19.16. The stock had a trading volume of 3,422,822 shares, compared to its average volume of 2,004,192. Macerich has a 1 year low of $12.48 and a 1 year high of $20.76. The firm’s 50 day moving average is $18.60 and its 200-day moving average is $17.88. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -12.05, a P/E/G ratio of 4.11 and a beta of 2.16. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, March 16th. Macerich’s payout ratio is -42.77%.

Analyst Upgrades and Downgrades

MAC has been the subject of several research analyst reports. Mizuho set a $21.00 price target on Macerich in a research report on Friday, January 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Scotiabank boosted their price target on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Truist Financial raised their price objective on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.76.

Institutional Trading of Macerich

A number of institutional investors have recently bought and sold shares of MAC. Royal Bank of Canada boosted its stake in Macerich by 20.1% during the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the period. Caxton Associates LLP acquired a new position in Macerich in the third quarter valued at $430,000. Tower Research Capital LLC TRC raised its holdings in shares of Macerich by 3.2% in the second quarter. Tower Research Capital LLC TRC now owns 29,512 shares of the real estate investment trust’s stock valued at $478,000 after buying an additional 927 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Macerich by 14.3% during the fourth quarter. AQR Capital Management LLC now owns 64,760 shares of the real estate investment trust’s stock worth $1,195,000 after buying an additional 8,106 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in shares of Macerich during the second quarter worth about $483,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.