Macerich (NYSE:MAC) Releases Earnings Results

Macerich (NYSE:MAC) issued its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.51), FiscalAI reports. The company had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%.

Macerich Price Performance

Shares of Macerich stock traded up $0.37 during trading hours on Wednesday, reaching $19.16. 3,422,822 shares of the company’s stock were exchanged, compared to its average volume of 2,004,192. The business has a fifty day moving average of $18.60 and a two-hundred day moving average of $17.88. The company has a market capitalization of $4.91 billion, a P/E ratio of -12.05, a price-to-earnings-growth ratio of 4.11 and a beta of 2.16. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.97. Macerich has a 1 year low of $12.48 and a 1 year high of $20.76.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, March 16th. Macerich’s payout ratio is -42.77%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its stake in Macerich by 2.4% during the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after buying an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after buying an additional 2,034,338 shares during the period. Charles Schwab Investment Management Inc. grew its position in Macerich by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock worth $93,030,000 after acquiring an additional 123,769 shares during the period. Ameriprise Financial Inc. raised its position in Macerich by 13.4% in the second quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock valued at $63,014,000 after purchasing an additional 461,351 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Macerich by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,782,782 shares of the real estate investment trust’s stock valued at $69,831,000 after purchasing an additional 36,052 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Truist Financial raised their price target on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Scotiabank upped their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 13th. Mizuho set a $21.00 target price on Macerich in a research report on Friday, January 9th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.76.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.