Macerich (NYSE:MAC) Issues Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Macerich reported a quarterly earnings per share (EPS) of $0.32, which missed analysts' expectations by $0.02.
• The company announced a quarterly dividend of $0.17, representing an annualized dividend of $0.68 and a dividend yield of 4.1%.
• Macerich's stock has received mixed ratings from analysts, with targets ranging from $16.00 to $25.00, leading to an average price target of $19.26 and a current average rating of "Hold."

Macerich (NYSE:MAC - Get Free Report) released its quarterly earnings data on Monday. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02), Zacks reports. The company had revenue of $249.79 million for the quarter, compared to the consensus estimate of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.06%. The company's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS.

Macerich Trading Up 1.6%

Shares of MAC stock traded up $0.28 during trading hours on Wednesday, reaching $17.71. 1,329,014 shares of the stock were exchanged, compared to its average volume of 1,999,679. Macerich has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. The company's 50-day moving average price is $16.48 and its 200-day moving average price is $16.78. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of -10.15, a price-to-earnings-growth ratio of 3.22 and a beta of 2.22.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. Macerich's payout ratio is currently -158.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 price objective on the stock. Truist Financial lifted their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research report on Thursday, May 22nd. Finally, Scotiabank reduced their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $19.26.

Hedge Funds Weigh In On Macerich

Large investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in shares of Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust's stock valued at $15,570,000 after purchasing an additional 716,394 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Macerich by 10.2% during 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 during the period. Royal Bank of Canada boosted its stake in shares of 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 valued at $1,338,000 after purchasing an additional 13,018 shares during the period. Empowered Funds LLC boosted its stake in shares of Macerich by 12.8% during the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust's stock valued at $453,000 after purchasing an additional 2,983 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Macerich by 16.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 858 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

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.