Macerich (NYSE:MAC) Posts Earnings Results, Misses Estimates By $0.01 EPS

Macerich (NYSE:MAC) posted its earnings results on Tuesday. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01), Zacks reports. The business had revenue of $253.26 million during the quarter, compared to the consensus estimate of $246.77 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS.

Macerich Stock Down 0.9%

Shares of NYSE MAC traded down $0.16 during mid-day trading on Thursday, hitting $17.51. The company had a trading volume of 954,465 shares, compared to its average volume of 1,998,127. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. The firm has a 50-day simple moving average of $17.67 and a two-hundred day simple moving average of $16.72. The company has a market capitalization of $4.43 billion, a PE ratio of -10.01, a price-to-earnings-growth ratio of 2.96 and a beta of 2.23. Macerich has a one year low of $12.48 and a one year high of $22.27.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 15th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.68 annualized dividend and a yield of 3.9%. Macerich’s payout ratio is -38.86%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Scotiabank increased their target price on Macerich from $16.00 to $18.00 and gave the stock a “sector perform” rating in a report on Thursday, August 28th. Wall Street Zen lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 27th. LADENBURG THALM/SH SH began coverage on shares of Macerich in a report on Friday, July 18th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Bank of America upgraded Macerich from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 26th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Macerich has an average rating of “Hold” and an average target price of $20.11.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its holdings in Macerich by 20.1% during the first 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. AQR Capital Management LLC increased its stake in Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 813 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after purchasing an additional 13,782 shares in the last quarter. Millennium Management LLC lifted its position in shares of Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after buying an additional 2,983 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

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.