Wall Street analysts expect that The Macerich Company (NYSE:MAC) will post sales of $188.63 million for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for The Macerich’s earnings, with estimates ranging from $179.18 million to $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 expected to announce its next earnings results before the market opens on Tuesday, May 11th.
According to Zacks, analysts expect that The Macerich will report full year sales of $782.77 million for the current financial year, with estimates ranging from $738.52 million to $854.70 million. For the next financial year, analysts forecast that the company will post sales of $811.25 million, with estimates ranging from $767.44 million to $886.00 million. Zacks’ sales averages are an average based on a survey of research firms that follow The Macerich.
The Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, February 10th. The real estate investment trust reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.72). The Macerich had a negative return on equity of 1.03% and a negative net margin of 1.55%.
Several brokerages have weighed in on MAC. Morgan Stanley dropped 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 target price on the stock. in a report on Thursday, January 14th. Mizuho raised their target price on shares of The Macerich from $8.50 to $12.50 in a report on Thursday, April 15th. Truist raised their target price on shares of The Macerich from $14.00 to $15.00 in a report on Monday, March 22nd. Finally, Truist Securities raised their target price on shares of The Macerich from $14.00 to $15.00 in a report on Monday, March 22nd. Nine analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The Macerich has a consensus rating of “Sell” and a consensus price target of $10.55.
Several institutional investors have recently made changes to their positions in the stock. Smead Capital Management Inc. grew 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 valued at $82,417,000 after purchasing an additional 2,061,996 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in The Macerich by 143.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,342 shares of the real estate investment trust’s stock worth $448,000 after acquiring an additional 22,578 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in The Macerich during the 1st quarter worth approximately $944,000. Aew Capital Management L P bought a new stake in The Macerich during the 1st quarter worth approximately $29,679,000. Finally, Daiwa Securities Group Inc. grew its holdings in The Macerich by 10.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 29,427 shares of the real estate investment trust’s stock worth $344,000 after acquiring an additional 2,700 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors.
The Macerich stock traded down $0.40 during midday trading on Thursday, hitting $13.54. The company’s stock had a trading volume of 3,733,553 shares, compared to its average volume of 8,404,785. The Macerich has a 1-year low of $5.61 and a 1-year high of $25.99. The company has a debt-to-equity ratio of 2.21, a current ratio of 2.71 and a quick ratio of 2.71. The company has a 50-day moving average price of $12.70 and a two-hundred day moving average price of $11.66. The company has a market cap of $2.43 billion, a price-to-earnings ratio of -154.87 and a beta of 2.07.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 3rd. Investors of record on Friday, May 7th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.43%. The ex-dividend date is Thursday, May 6th. The Macerich’s dividend payout ratio (DPR) is presently 16.95%.
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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