Macerich (MAC) Scheduled to Post Earnings on Tuesday

Macerich (NYSE:MAC) is set to post its quarterly earnings results before the market opens on Tuesday, April 30th. Analysts expect Macerich to post earnings of $0.39 per share for the quarter. Macerich has set its FY24 guidance at $1.76-$1.86 EPS and its FY 2024 guidance at 1.760-1.860 EPS.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter in the prior year, the company earned $0.53 EPS. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts expect Macerich to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Macerich Trading Up 1.9 %

Shares of Macerich stock opened at $15.67 on Monday. Macerich has a 12-month low of $9.05 and a 12-month high of $17.69. The stock has a market cap of $3.38 billion, a P/E ratio of -12.34, a P/E/G ratio of 1.76 and a beta of 2.33. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average is $16.33 and its 200-day moving average is $14.58.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s payout ratio is presently -53.54%.

Insider Buying and Selling at Macerich

In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, President Edward C. Coppola sold 50,000 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hern Thomas E. O sold 7,964 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the sale, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The disclosure for this sale can be found here. Insiders have sold a total of 172,964 shares of company stock valued at $2,940,030 in the last ninety days. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MAC. Truist Financial reissued a “hold” rating and set a $16.00 target price on shares of Macerich in a report on Monday, March 25th. The Goldman Sachs Group boosted their target price on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Finally, Citigroup raised Macerich from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $14.40.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.