About Macerich (NYSE:MAC)
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P. (the Operating Partnership). As of December 31, 2016, the Company, through its operating partnership, had ownership interests in 50 regional shopping centers and seven community/power shopping centers. These 57 regional and community/power shopping centers consisted of approximately 56 million square feet of gross leasable area (GLA), as of December 31, 2016. The Company's properties include Danbury Fair Mall, Desert Sky Mall, Fresno Fashion Fair, NorthPark Mall, Oaks, The, Towne Mall, Valley Mall, Arrowhead Towne Center, Deptford Mall and South Plains Mall.
Industry, Sector and Symbol
Industry Retail REITs
Trailing P/E Ratio58.2162570221277
Forward P/E Ratio14.96
Sales & Book Value
Annual Sales$993.66 million
Price / Sales8.41
Cash Flow$3.45 per share
Price / Cash17.21
Book Value$28.19 per share
Price / Book2.11
Net Income$146.13 million
Return on Equity3.91%
Return on Assets1.66%
Macerich (NYSE:MAC) Frequently Asked Questions
What is Macerich's stock symbol?
Macerich trades on the New York Stock Exchange (NYSE) under the ticker symbol "MAC."
How often does Macerich pay dividends? What is the dividend yield for Macerich?
Macerich declared a quarterly dividend on Friday, January 26th. Shareholders of record on Wednesday, February 21st will be paid a dividend of $0.74 per share on Friday, March 2nd. This represents a $2.96 annualized dividend and a yield of 4.98%. The ex-dividend date is Tuesday, February 20th. View Macerich's Dividend History.
How will Macerich's stock buyback program work?
Macerich announced that its Board of Directors has approved a share repurchase plan on Friday, April 7th 2017, which allows the company to buyback $500,000,000.00 in outstanding shares, according to EventVestor. This buyback authorization allows the company to buy up to 5.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.
How were Macerich's earnings last quarter?
Macerich Co (NYSE:MAC) posted its quarterly earnings data on Monday, February, 5th. The real estate investment trust reported $1.03 EPS for the quarter, missing the consensus estimate of $1.14 by $0.11. The real estate investment trust had revenue of $245.30 million for the quarter, compared to analyst estimates of $237.90 million. Macerich had a return on equity of 3.91% and a net margin of 14.71%. The firm's revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.17 EPS. View Macerich's Earnings History.
When will Macerich make its next earnings announcement?
What guidance has Macerich issued on next quarter's earnings?
Macerich updated its FY18 earnings guidance on Monday, February, 5th. The company provided EPS guidance of $3.92-4.02 for the period, compared to the Thomson Reuters consensus estimate of $4.07.
Where is Macerich's stock going? Where will Macerich's stock price be in 2018?
17 Wall Street analysts have issued twelve-month price targets for Macerich's shares. Their predictions range from $57.00 to $82.00. On average, they expect Macerich's stock price to reach $67.22 in the next twelve months. View Analyst Ratings for Macerich.
What are Wall Street analysts saying about Macerich stock?
Here are some recent quotes from research analysts about Macerich stock:
- 1. Boenning Scattergood analysts commented, "We reiterate our Outperform rating and price target of $75 per share, a discount to our estimated NAV of approximately $84." (2/7/2018)
- 2. According to Zacks Investment Research, "Shares of Macerich have underperformed the industry in the past six months. Moreover, the stock has seen the Zacks Consensus Estimate for full-year 2017 and 2018 funds from operations (FFO) per share being revised downward in a month’s time. Notably, dwindling footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are anticipated to adversely affect the company’s performance in the near term. While Macerich is striving to counter the pressure through efforts to support omni-channel retailing and portfolio revamp, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Further, interest rate hikes and portfolio concentration remain concerns for the company." (1/15/2018)
- 3. Canaccord Genuity analysts commented, "We are updating our model to reflect intra-quarter items for Macerich, including the company's Q1 sale of Northgate and Cascade malls for gross proceeds of $170M. We are also adjusting the quarterly timing of our EBITDA estimates to reflect management's guidance regarding 2017 seasonality. Finally, our adjustments include the near-term occupancy impact of recently announced and likely pending store closings by apparel retailers including The Limited, Wet Seal, BCBG Max Azria, and bebe. Our new 2017 and 2018 recurring FFO/share are $3.99 (vs. prior $4.24) and $4.12 (vs. prior $4.41), respectively. Our new $71 price target (down from $77) continues to reflect a 5% discount to our forward NAV estimate. Our applied cap rate of 4.8% reflects a 10bp increase, based on a range of 4.0% for the company's Tier 1 malls (averaging sales per square foot of $959) to 8.5% for Tier 5 malls (averaging sales per square foot of $293)." (3/27/2017)
- 4. Goldman Sachs Group Inc analysts commented, "We downgrade shares of MAC to Sell from Neutral in the context of our Cautious coverage view on retail REITs. We see 2.8% total return potential to our new $64 (from $72) 12-month price target (based on 17.3x 2019E AFFO from 19.1x previously), versus 7.8% total return potential for our full REIT coverage. Our new multiple is a 5% discount to the REIT average and reflects its lower than peer growth outlook. While MAC has underperformed the REIT sector and S&P 500 over the past six months, we believe share price weakness will continue due to (1) further estimate revision risk, and (2) multiple contraction, reflecting retail sector headwinds. Please note, MAC has not had relative multiple contraction year to date, after accounting for estimate revisions." (3/17/2017)
- 5. Mizuho analysts commented, "We are lowering our 2017 / 2018 FFO/sh estimates to reflect our slightly lower 2017 ssNOI and JV NOI outlooks for MAC. Our new 2017 / 2018 ests of $3.94 / $4.11 (from $3.97 / $4.12), imply -3.5% / +4.4% YOY growth, respectively. Despite a plethora of negative retailer headlines (store closures, weak Feb traffic), we maintain our Buy on MAC (and 'A' mall REIT bias) given sizable valuation discounts, above-trend core growth and lower store closure risk. Further, while weak retail sentiment and stock volatility likely continues n/t, we do see potential mid-year catalysts (MSUSA's lower 2H17 Treasuries' rate outlook, easier YOY 2H17 ssNOI comps and performance 'reversion risk'). Maintain Buy." (3/13/2017)
Who are some of Macerich's key competitors?
Some companies that are related to Macerich include Regency Centers (REG), Kimco Realty (KIM), National Retail Properties (NNN), Brixmor Property Group (BRX), CoreSite Realty (COR), Taubman Centers (TCO), Weingarten Realty Investors (WRI), Retail Properties of America (RPAI), DDR (DDR), Urban Edge Properties (UE), Tanger Factory Outlet Centers (SKT), Retail Opportunity Investments (ROIC), Acadia Realty Trust (AKR), Agree Realty (ADC), Four Corners Property Trust (FCPT), Kite Realty Group Trust (KRG), Washington Prime Group (WPG) and Saul Centers (BFS).
Who are Macerich's key executives?
Macerich's management team includes the folowing people:
- Arthur M. Coppola, Chairman of the Board, Chief Executive Officer (Age 65)
- Edward C. Coppola Jr., President, Director (Age 62)
- Thomas E. O'Hern, Chief Financial Officer, Senior Executive Vice President, Treasurer (Age 61)
- Robert D. Perlmutter, Chief Operating Officer, Senior Executive Vice President (Age 55)
- Thomas Jay Leanse, Senior Executive Vice President, Chief Legal Officer, Secretary (Age 63)
- Frederick S. Hubbell, Lead Independent Director (Age 65)
- John M. Sullivan, Director (Age 56)
- John H. Alschuler Jr., Independent Director (Age 69)
- Steven R. Hash, Independent Director (Age 52)
- Diana M. Laing, Independent Director (Age 62)
Who owns Macerich stock?
Macerich's stock is owned by a variety of of institutional and retail investors. Top institutional shareholders include
ONTARIO TEACHERS PENSION PLAN BOARD
(16.50%), BlackRock Inc. (8.11%), Cbre Clarion Securities LLC (2.28%), Bank of New York Mellon Corp (1.02%), Geode Capital Management LLC (1.02%) and PGGM Investments (0.88%). Company insiders that own Macerich stock include Arthur M Coppola, Dana K Anderson, Hern Thomas E O, Randy L Brant, Robert D Perlmutter and Thomas J Leanse. View Institutional Ownership Trends for Macerich.
Who sold Macerich stock? Who is selling Macerich stock?
Macerich's stock was sold by a variety of institutional investors in the last quarter, including Bank of New York Mellon Corp, Security Capital Research & Management Inc., Sarasin & Partners LLP, PGGM Investments, Victory Capital Management Inc., Guggenheim Capital LLC, TCW Group Inc. and Metropolitan Life Insurance Co. NY. View Insider Buying and Selling for Macerich.
Who bought Macerich stock? Who is buying Macerich stock?
Macerich's stock was acquired by a variety of institutional investors in the last quarter, including Cbre Clarion Securities LLC, APG Asset Management US Inc., Governors Lane LP, Land & Buildings Investment Management LLC, BlackRock Inc., Element Capital Management LLC, American Century Companies Inc. and Bank of Montreal Can. View Insider Buying and Selling for Macerich.
How do I buy Macerich stock?
Shares of Macerich can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Vanguard Brokerage Services, TD Ameritrade, E*TRADE, Scottrade, Fidelity and Charles Schwab.
What is Macerich's stock price today?
One share of Macerich stock can currently be purchased for approximately $59.38.
How big of a company is Macerich?
Macerich has a market capitalization of $8.54 billion and generates $993.66 million in revenue each year. The real estate investment trust earns $146.13 million in net income (profit) each year or $1.02 on an earnings per share basis. Macerich employs 851 workers across the globe.
How can I contact Macerich?
Macerich's mailing address is 401 WILSHIRE BLVD STE 700, SANTA MONICA CA, 90401. The real estate investment trust can be reached via phone at 310-394-6000.
MarketBeat Community Rating for Macerich (MAC)MarketBeat's community ratings are surveys of what our community members think about Macerich and other stocks. Vote "Outperform" if you believe the stock will outperform the S&P 500 over the long term. Vote "Underperform" if you believe the stock will underperform the S&P 500 over the long term. You may vote once every thirty days.
Macerich (NYSE:MAC) Analysts' Consensus Rating (How are Consensus Ratings Calculated?)
MarketBeat calculates consensus analyst ratings for company stocks using the most recent rating from each brokerage that has rated a stock within the last twelve months. Since brokers often use different ratings systems, each rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0-1.5 = Sell, 1.5-2.5 = Hold, 2.5-3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months.
MarketBeat will no longer include ratings and price target data in its consensus calculation if a broker drops coverage and MarketBeat has received a report that coverage was dropped. Ratings from certain research firms that issue ratings using purely quantitative methods (such as Zacks, Vetr and ValuEngine) are not included in consensus calculations. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.
|Today||30 Days Ago||90 Days Ago||180 Days Ago|
|Consensus Rating: ||Hold||Hold||Hold||Hold|
|Consensus Rating Score: ||2.18||2.19||2.29||2.23|
|Ratings Breakdown: ||2 Sell Rating(s)|
10 Hold Rating(s)
5 Buy Rating(s)
0 Strong Buy Rating(s)
|2 Sell Rating(s)|
9 Hold Rating(s)
5 Buy Rating(s)
0 Strong Buy Rating(s)
|1 Sell Rating(s)|
8 Hold Rating(s)
5 Buy Rating(s)
0 Strong Buy Rating(s)
|1 Sell Rating(s)|
8 Hold Rating(s)
4 Buy Rating(s)
0 Strong Buy Rating(s)
|Consensus Price Target: ||$67.22||$66.78||$66.71||$68.42|
|Price Target Upside: ||11.16% upside||0.26% upside||3.64% upside||29.02% upside|
Macerich (NYSE:MAC) Consensus Price Target History
Macerich (NYSE:MAC) Analyst Ratings History
(Data available from 2/21/2016 forward)
Macerich (NYSE:MAC) Earnings History and Estimates Chart
Macerich (NYSE MAC) Earnings History by Quarter
(Earnings results data provided by Zacks Investment Research)
|Date||Quarter||Consensus Estimate||Actual EPS||Revenue Estimate||Actual Revenue||Release Link||Conference Call||Details|
|2/5/2018||Q4 2017||$1.14||$1.03||$237.90 million||$245.30 million||View||N/A|
|10/30/2017||Q3 2017||$0.98||$0.12||$226.00 million||$242.50 million||View||N/A|
|8/2/2017||Q2 2017||$0.94||$0.98||$218.62 million||$247.20 million||View||Listen|
|4/27/2017||Q1 2017||$0.84||$0.87||$222.65 million||$219.90 million||View||N/A|
|2/6/2017||Q416||$1.16||$1.17||$261.69 million||$272.00 million||View||Listen|
|10/27/2016||Q316||$1.04||$1.04||$257.87 million||$253.37 million||View||Listen|
|8/1/2016||Q216||$0.98||$1.02||$252.32 million||$259.90 million||View||Listen|
|5/3/2016||Q116||$0.86||$0.87||$288.89 million||$256.00 million||View||Listen|
|2/3/2016||Q415||$1.07||$1.12||$336.22 million||$320.80 million||View||Listen|
|10/27/2015||Q315||$0.98||$1.01||$324.77 million||$326.30 million||View||Listen|
|7/23/2015||Q215||$0.93||$0.97||$315.11 million||$322.80 million||View||Listen|
|4/29/2015||Q115||$0.82||$0.79||$299.94 million||$318.34 million||View||Listen|
|2/4/2015||Q414||$1.03||$0.99||$162.39 million||$322.90 million||View||Listen|
|10/28/2014||Q314||$0.89||$0.88||$150.80 million||$150.40 million||View||Listen|
|7/23/2014||Q214||$0.84||$0.86||$149.60 million||$254.33 million||View||Listen|
|4/29/2014||Q114||$0.85||$0.81||$149.37 million||$264.50 million||View||Listen|
|10/29/2013||Q313||$0.83||$0.86||$241.21 million||$269.10 million||View||Listen|
|8/6/2013||Q213||$0.81||$0.87||$282.21 million||$262.90 million||View||Listen|
|5/1/2013||Q1 2013||$0.79||$0.13||$228.06 million||$262.78 million||View||N/A|
|2/6/2013||Q412||$0.87||$0.90||$218.47 million||$251.20 million||View||Listen|
Macerich (NYSE:MAC) Earnings Estimates
2018 EPS Consensus Estimate: $3.98
2019 EPS Consensus Estimate: $4.20
(Earnings estimates data provided by Zacks Investment Research)
|Quarter||Number of Estimates||Low Estimate||High Estimate||Average Estimate|
Macerich (NYSE:MAC) Dividend Information
|Dividend Growth:||4.60% (3 Year Average)|
|Payout Ratio:||290.20% (Trailing 12 Months of Earnings) |
74.56% (Based on This Year's Estimates)
71.15% (Based on Next Year's Estimates)
|Track Record:||7 Years of Consecutive Dividend Growth|
Macerich (NYSE:MAC) Dividend History by Quarter
(Data available from 1/1/2013 forward)
|Announced||Period||Amount||Yield||Ex-Dividend Date||Record Date||Payable Date|
Macerich (NYSE MAC) Insider Trading and Institutional Ownership History
Insider Ownership Percentage: 3.75%
Institutional Ownership Percentage: 97.26%
Macerich (NYSE MAC) Insider Trades by Quarter
(Data available from 1/1/2013 forward)
|Transaction Date||Insider Name||Title||Buy/Sell||Number of Shares||Average Share Price||Total Transaction||Shares Held After Transaction||Details|
|6/30/2017||Arthur M. Coppola||CEO||Sell||100,000||$58.13||$5,813,000.00|| |
|1/17/2017||Hern Thomas E O||EVP||Sell||5,000||$70.00||$350,000.00||55,077|| |
|1/3/2017||Robert D Perlmutter||EVP||Sell||1,500||$70.79||$106,185.00|| |
|11/11/2016||Robert D Perlmutter||EVP||Sell||1,500||$70.00||$105,000.00|| |
|11/9/2016||Dana K Anderson||Vice Chairman||Buy||10,000||$67.78||$677,800.00|| |
|10/3/2016||Robert D Perlmutter||EVP||Sell||1,500||$79.45||$119,175.00|| |
|9/23/2016||Randy L. Brant||EVP||Sell||24,250||$83.10||$2,015,175.00|| |
|9/1/2016||Robert D Perlmutter||EVP||Sell||1,500||$81.52||$122,280.00|| |
|8/1/2016||Robert D Perlmutter||EVP||Sell||1,500||$89.79||$134,685.00|| |
|7/1/2016||Robert D Perlmutter||COO||Sell||1,500||$85.49||$128,235.00|| |
|6/15/2016||Hern Thomas E O||CFO||Sell||5,000||$79.03||$395,150.00||51,377|| |
|6/1/2016||Robert D Perlmutter||COO||Sell||1,500||$76.44||$114,660.00|| |
|5/16/2016||Hern Thomas E O||CFO||Sell||5,000||$74.71||$373,550.00||56,377|| |
|5/2/2016||Robert D Perlmutter||COO||Sell||1,500||$77.13||$115,695.00|| |
|4/15/2016||Hern Thomas E O||CFO||Sell||5,000||$78.85||$394,250.00||61,377|| |
|4/1/2016||Robert D Perlmutter||COO||Sell||1,500||$79.53||$119,295.00|| |
|3/15/2016||Hern Thomas E O||CFO||Sell||5,000||$79.42||$397,100.00||46,377|| |
|3/8/2016||Thomas J Leanse||EVP||Sell||17,166||$78.95||$1,355,255.70||17,166|| |
|3/1/2016||Robert D Perlmutter||COO||Sell||1,500||$79.97||$119,955.00|| |
|2/29/2016||Randy L. Brant||EVP||Sell||1,700||$79.63||$135,371.00||31,178|| |
|2/22/2016||Thomas J Leanse||EVP||Sell||7,500||$78.89||$591,675.00||8,560|| |
|2/16/2016||Hern Thomas E. O||CFO||Sell||5,000||$75.66||$378,300.00|| |
|1/15/2016||Hern Thomas E. O||CFO||Sell||5,000||$75.55||$377,750.00||60,697|| |
|5/19/2015||Teachers Pension Plan Ontario||Director||Buy||1,186,000||$83.22||$98,698,920.00|| |
|5/15/2015||Teachers Pension Plan Ontario||Director||Buy||1,455,785||$82.88||$120,655,460.80|| |
|5/12/2015||Teachers Pension Plan Ontario||Director||Buy||358,215||$81.63||$29,241,090.45|| |
|5/7/2015||Teachers Pension Plan Ontario||Director||Buy||3,117,710||$81.56||$254,280,427.60|| |
|2/12/2015||Eric V Salo||EVP||Sell||10,515||$87.00||$914,805.00|| |
|2/11/2015||Randy L Brant||EVP||Sell||15,314||$87.60||$1,341,506.40|| |
|2/10/2015||Hern Thomas E O||CFO||Sell||20,885||$87.30||$1,823,260.50|| |
|2/10/2015||Thomas J Leanse||EVP||Sell||27,500||$87.46||$2,405,150.00|| |
|12/31/2014||Minerals Plc Ecr||Insider||Sell||150,000||$0.02||$2,250.00|
|9/15/2014||Hern Thomas E O||CFO||Sell||5,000||$64.09||$320,450.00|| |
|9/3/2014||Randy L Brant||EVP||Sell||3,100||$65.80||$203,980.00|| |
|8/14/2014||Hern Thomas E O||CFO||Sell||5,000||$66.30||$331,500.00|| |
|7/15/2014||Hern Thomas E O||CFO||Sell||5,000||$67.74||$338,700.00|| |
|6/13/2014||Hern Thomas E O||CFO||Sell||5,000||$64.58||$322,900.00|| |
|5/14/2014||Eric Salo||EVP||Sell||17,391||$65.39||$1,137,197.49||21,222|| |
|5/14/2014||Hern Thomas O||CFO||Sell||5,000||$65.03||$325,150.00||76,267|| |
|4/15/2014||Hern Thomas O||CFO||Sell||5,000||$63.56||$317,800.00||81,267|| |
|3/19/2014||Randy Brant||EVP||Sell||10,345||$60.93||$630,320.85||35,978|| |
|3/7/2014||Thomas Leanse||EVP||Sell||2,100||$60.33||$126,693.00||311|| |
|3/6/2014||Randy Brant||EVP||Sell||18,000||$61.03||$1,098,540.00||46,323|| |
|11/4/2013||Hern Thomas E O||CFO||Sell||15,000||$60.00||$900,000.00|| |
|9/20/2013||Diana Laing||Director||Sell||1,695||$58.20||$98,649.00||12,479|| |
|8/15/2013||Robert Perlmutter||EVP||Buy||1,000||$58.54||$58,540.00||2,000|| |
|8/13/2013||Fred Hubbell||Director||Buy||1,500||$60.39||$90,585.00|| |
|7/30/2013||Hern Thomas E O||CFO||Sell||5,000||$63.74||$318,700.00|| |
|6/28/2013||Hern Thomas E O||CFO||Sell||5,000||$60.79||$303,950.00|| |
|5/30/2013||Hern Thomas E O||CFO||Sell||5,000||$66.07||$330,350.00|| |
|5/24/2013||Thomas J Leanse||EVP||Buy||1,000||$66.46||$66,460.00|| |
|11/8/2012||Robert D Perlmutter||EVP||Buy||1,000||$56.68||$56,680.00|| |
Macerich (NYSE MAC) News Headlines
Macerich (NYSE:MAC) SEC Filings
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Macerich (NYSE:MAC) Income Statement, Balance Sheet and Cash Flow Statement
Macerich (NYSE MAC) Stock Chart for Wednesday, February, 21, 2018