Macerich (NYSE:MAC) Announces Earnings Results

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

Macerich Stock Performance

Shares of NYSE:MAC traded up $0.24 during trading on Thursday, reaching $15.86. 1,332,257 shares of the stock were exchanged, compared to its average volume of 1,925,853. Macerich has a 12 month low of $12.48 and a 12 month high of $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock has a 50-day moving average price of $15.54 and a 200-day moving average price of $18.48. The firm has a market cap of $4.01 billion, a PE ratio of 40.67, a PEG ratio of 0.71 and a beta of 2.13.

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 given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.29%. Macerich's payout ratio is -158.14%.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of analyst reports. Scotiabank decreased their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley decreased their price target on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Piper Sandler decreased their price objective on Macerich from $17.00 to $16.00 and set an "underweight" rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research note on Monday, March 10th. Finally, Truist Financial raised Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target on the stock in a research note on Thursday, April 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Macerich presently has an average rating of "Hold" and a consensus target price of $18.95.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Macerich stock. Royal Bank of Canada increased its position in The Macerich Company (NYSE:MAC - Free Report) by 20.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,872 shares of the real estate investment trust's stock after buying an additional 13,018 shares during the quarter. Royal Bank of Canada's holdings in Macerich were worth $1,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 87.38% of the stock is currently owned by hedge funds and other institutional investors.

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.