Macerich (NYSE:MAC) Releases Quarterly Earnings Results, Beats Expectations By $0.38 EPS

Key Points

• Macerich reported quarterly EPS of $0.37, beating the consensus estimate of a $0.01 loss by $0.38; revenue was $260.07 million, above analysts’ $251.31 million estimate.
• Shares rose 4.3% to $25.81 during Wednesday trading after the earnings release.
• The company announced a quarterly dividend of $0.17 per share, equivalent to $0.68 annually and a 2.6% yield.

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

Macerich Trading Up 4.3%

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

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 28th. Shareholders of record on Monday, December 14th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, December 14th. Macerich's payout ratio is currently -104.62%.

Insider Activity

In related news, CAO Christopher Zecchini sold 2,740 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was 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 approximately $19,718.16. This represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.21% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Truist Financial started coverage on shares of Macerich in a research report on Friday, October 2nd. They issued a "buy" rating and a $26.00 price objective for the company. Piper Sandler reduced their target price on shares of Macerich from $30.00 to $26.00 and set an "overweight" rating on the stock in a research report on Monday, October 12th. Griffin Securities set a $26.00 price target on shares of Macerich in a research note on Tuesday, August 18th. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Finally, Evercore raised Macerich from an "in-line" rating to an "outperform" rating and set a $26.00 price objective on the stock in a report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $26.19.

About Macerich

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.