Wall Street brokerages predict that The Macerich Company (NYSE:MAC) will report sales of $188.63 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for The Macerich’s earnings. The lowest sales estimate is $179.18 million and the highest is $199.20 million. The Macerich posted sales of $226.95 million in the same quarter last year, which suggests a negative year-over-year growth rate of 16.9%. The business is scheduled to issue its next earnings results before the market opens on Tuesday, May 11th.
On average, analysts expect that The Macerich will report full-year sales of $782.77 million for the current year, with estimates ranging from $738.52 million to $854.70 million. For the next fiscal year, analysts expect that the business will post sales of $811.25 million, with estimates ranging from $767.44 million to $886.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow The Macerich.
The Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 10th. The real estate investment trust reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.72). The Macerich had a negative net margin of 1.55% and a negative return on equity of 1.03%.
Several equities research analysts recently issued reports on MAC shares. Truist Securities lifted their price objective on shares of The Macerich from $14.00 to $15.00 in a research note on Monday, March 22nd. Morgan Stanley reduced their price objective on shares of The Macerich from $11.50 to $11.20 and set an “underweight” rating for the company in a research note on Wednesday, April 14th. Zacks Investment Research lowered shares of The Macerich from a “hold” rating to a “sell” rating and set a $13.50 price objective for the company. in a research note on Thursday, January 14th. Truist lifted their price objective on shares of The Macerich from $14.00 to $15.00 in a research note on Monday, March 22nd. Finally, Mizuho lifted their price objective on shares of The Macerich from $8.50 to $12.50 in a research note on Thursday, April 15th. Nine equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Sell” and an average target price of $10.55.
Shares of NYSE:MAC traded down $0.40 during trading on Thursday, reaching $13.54. 3,733,553 shares of the company traded hands, compared to its average volume of 8,404,785. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 2.21. The Macerich has a 1-year low of $5.61 and a 1-year high of $25.99. The firm has a fifty day simple moving average of $12.70 and a 200 day simple moving average of $11.66. The firm has a market cap of $2.43 billion, a P/E ratio of -154.87 and a beta of 2.07.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 3rd. Stockholders of record on Friday, May 7th will be issued a dividend of $0.15 per share. The ex-dividend date is Thursday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 4.43%. The Macerich’s payout ratio is 16.95%.
Several large investors have recently bought and sold shares of the company. Smead Capital Management Inc. increased its holdings in shares of The Macerich by 41.4% during the 1st quarter. Smead Capital Management Inc. now owns 7,044,224 shares of the real estate investment trust’s stock worth $82,417,000 after purchasing an additional 2,061,996 shares during the period. Commonwealth Equity Services LLC increased its stake in The Macerich by 143.2% in the first quarter. Commonwealth Equity Services LLC now owns 38,342 shares of the real estate investment trust’s stock valued at $448,000 after acquiring an additional 22,578 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in The Macerich in the first quarter valued at about $944,000. Aew Capital Management L P bought a new stake in The Macerich in the first quarter valued at about $29,679,000. Finally, Daiwa Securities Group Inc. increased its stake in The Macerich by 10.1% in the first quarter. Daiwa Securities Group Inc. now owns 29,427 shares of the real estate investment trust’s stock valued at $344,000 after acquiring an additional 2,700 shares during the period. Institutional investors own 83.79% of the company’s stock.
About The Macerich
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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