Macerich (NYSE:MAC) Announces Quarterly Earnings Results

Macerich (NYSE:MAC) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.38, Zacks reports. The firm had revenue of $260.07 million for the quarter, compared to analyst estimates of $251.31 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%.

Macerich Stock Up 4.3%

Shares of NYSE MAC traded up $1.07 during trading hours on Wednesday, hitting $25.81. The company had a trading volume of 4,127,869 shares, compared to its average volume of 2,953,946. Macerich has a 1-year low of $16.03 and a 1-year high of $26.67. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm’s 50 day moving average is $23.15 and its 200-day moving average is $22.27. The stock has a market capitalization of $7.32 billion, a P/E ratio of -39.71, a price-to-earnings-growth ratio of 1.79 and a beta of 2.11.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Monday, December 14th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, December 14th. Macerich’s dividend payout ratio is presently -104.62%.

Wall Street Analyst Weigh In

MAC has been the topic of several research reports. BNP Paribas Exane assumed coverage on shares of Macerich in a research report on Friday, October 9th. They issued an “outperform” rating and a $28.00 price objective on the stock. The Goldman Sachs Group reiterated a “sell” rating and set a $21.00 target price on shares of Macerich in a report on Tuesday, September 1st. JPMorgan Chase & Co. raised Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 price target on the stock in a research note on Thursday, September 24th. Griffin Securities set a $26.00 price target on Macerich in a report on Tuesday, August 18th. Finally, Truist Financial initiated coverage on Macerich in a report on Friday, October 2nd. They issued a “buy” rating and a $26.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Macerich presently has an average rating of “Moderate Buy” and a consensus price target of $26.19.

Insider Transactions at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the completion of the sale, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.21% of the company’s stock.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.