Macerich (NYSE:MAC) Shares Up 12.8% Following Earnings Beat

The Macerich Company (NYSE:MAC - Get Free Report) rose 12.8% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $17.27 and last traded at $16.90. Approximately 839,683 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 1,923,130 shares. The stock had previously closed at $14.98.

The real estate investment trust reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich's revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 4.24%. Macerich's payout ratio is -158.14%.

Analyst Upgrades and Downgrades

MAC has been the topic of several research analyst reports. Piper Sandler cut their target price on Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Scotiabank cut their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price target on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a report on Monday, March 10th. The Goldman Sachs Group cut their price target on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a report on Monday, March 10th. Finally, Morgan Stanley decreased their target price on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 1st. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Macerich currently has an average rating of "Hold" and an average price target of $18.95.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently modified their holdings of MAC. Perpetual Ltd increased its stake in Macerich by 24.3% in the 4th quarter. Perpetual Ltd now owns 55,356 shares of the real estate investment trust's stock worth $1,103,000 after buying an additional 10,830 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Macerich by 15.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 55,118 shares of the real estate investment trust's stock valued at $1,098,000 after buying an additional 7,314 shares during the period. Blue Trust Inc. boosted its position in shares of Macerich by 68.8% during the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after buying an additional 1,064 shares during the period. KBC Group NV boosted its position in shares of Macerich by 92.1% during the fourth quarter. KBC Group NV now owns 11,814 shares of the real estate investment trust's stock valued at $235,000 after buying an additional 5,664 shares during the period. Finally, Vert Asset Management LLC boosted its position in shares of Macerich by 16.3% during the fourth quarter. Vert Asset Management LLC now owns 101,486 shares of the real estate investment trust's stock valued at $2,022,000 after buying an additional 14,228 shares during the period. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Up 1.1%

The company has a 50-day simple moving average of $15.53 and a 200-day simple moving average of $18.44. The firm has a market cap of $4.06 billion, a PE ratio of 41.16, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

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.