Macerich (NYSE:MAC) Announces Earnings Results

Macerich (NYSE:MAC - Get Free Report) issued its earnings results on Monday. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02, Zacks reports. The company had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company's revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 EPS.

Macerich Stock Up 1.1%

Shares of NYSE MAC traded up $0.18 during midday trading on Friday, reaching $16.05. The company's stock had a trading volume of 1,705,629 shares, compared to its average volume of 1,923,950. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The stock has a market capitalization of $4.06 billion, a price-to-earnings ratio of 41.16, a PEG ratio of 0.71 and a beta of 2.13. The stock has a 50 day simple moving average of $15.53 and a 200-day simple moving average of $18.44.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.24%. Macerich's dividend payout ratio (DPR) is presently -158.14%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MAC. Piper Sandler reduced their target price on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. reduced their target price on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research note on Monday, March 10th. Morgan Stanley reduced their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group cut their price target on shares of Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research report on Monday, March 10th. Finally, Truist Financial upgraded shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target on the stock in a research report on Thursday, April 10th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Macerich has an average rating of "Hold" and a consensus target price of $18.95.

Institutional Trading of Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC raised its holdings in shares of 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 purchasing an additional 2,983 shares during the last quarter. Millennium Management LLC grew its stake in shares of Macerich by 376.2% in 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 buying an additional 716,394 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 13,782 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock valued at $640,000 after buying an additional 813 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Macerich by 20.1% in 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 buying an additional 13,018 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.