The Macerich Co. (MAC) to Post FY2016 Earnings of $4.10 Per Share, SunTrust Banks Forecasts
The Macerich Co. (NYSE:MAC) – Stock analysts at SunTrust Banks raised their FY2016 earnings estimates for shares of The Macerich in a research note issued to investors on Tuesday. SunTrust Banks analyst K. Kim now expects that the brokerage will earn $4.10 per share for the year, up from their prior forecast of $4.08.
The Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.04. The firm earned $259.90 million during the quarter, compared to the consensus estimate of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The company’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period last year, the company earned $0.90 EPS.
A number of other research analysts have also recently issued reports on MAC. Deutsche Bank AG lifted their price objective on shares of The Macerich from $83.00 to $84.00 and gave the company a “hold” rating in a report on Monday, July 18th. Credit Suisse Group AG reiterated a “sell” rating and set a $78.00 price objective on shares of The Macerich in a report on Tuesday, August 2nd. Zacks Investment Research cut shares of The Macerich from a “buy” rating to a “hold” rating in a report on Friday, August 5th. JPMorgan Chase & Co. lifted their price objective on shares of The Macerich from $83.00 to $87.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Finally, Canaccord Genuity boosted their price target on shares of The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $87.73.
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Shares of The Macerich (NYSE:MAC) traded down 0.69% during mid-day trading on Wednesday, hitting $79.73. The company had a trading volume of 186,634 shares. The company has a market cap of $11.45 billion, a PE ratio of 13.39 and a beta of 0.98. The Macerich has a 12 month low of $71.82 and a 12 month high of $94.51. The firm has a 50-day moving average of $82.87 and a 200-day moving average of $81.08.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Friday, August 19th were given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Wednesday, August 17th. The Macerich’s dividend payout ratio (DPR) is currently 45.87%.
In other news, EVP Robert D. Perlmutter sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $89.79, for a total value of $134,685.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.54% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its stake in The Macerich by 79.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,405,634 shares of the real estate investment trust’s stock valued at $190,623,000 after buying an additional 1,062,848 shares during the period. BlackRock Fund Advisors raised its stake in The Macerich by 22.3% in the second quarter. BlackRock Fund Advisors now owns 4,809,198 shares of the real estate investment trust’s stock valued at $410,657,000 after buying an additional 877,068 shares during the period. Bank of New York Mellon Corp raised its stake in The Macerich by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 3,167,891 shares of the real estate investment trust’s stock valued at $270,504,000 after buying an additional 711,058 shares during the period. Renaissance Technologies LLC raised its stake in The Macerich by 131.0% in the first quarter. Renaissance Technologies LLC now owns 1,153,819 shares of the real estate investment trust’s stock valued at $91,429,000 after buying an additional 654,300 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in The Macerich by 13.4% in the first quarter. JPMorgan Chase & Co. now owns 3,478,909 shares of the real estate investment trust’s stock valued at $275,668,000 after buying an additional 411,912 shares during the period. 94.66% of the stock is currently owned by institutional investors.
About The Macerich
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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