KeyCorp Weighs in on Macerich Co’s Q2 2017 Earnings (MAC)
Macerich Co (NYSE:MAC) – Equities researchers at KeyCorp upped their Q2 2017 EPS estimates for Macerich in a research report issued on Sunday. KeyCorp analyst T. Thomas now anticipates that the real estate investment trust will post earnings per share of $0.94 for the quarter, up from their previous forecast of $0.90. KeyCorp has a “Overweight” rating and a $75.00 price objective on the stock.
MAC has been the topic of several other reports. Goldman Sachs Group Inc lowered Macerich from a “neutral” rating to a “sell” rating and set a $64.00 target price on the stock. in a research note on Friday, March 17th. Royal Bank of Canada restated a “buy” rating and issued a $73.00 target price on shares of Macerich in a research note on Wednesday, February 22nd. Jefferies Group LLC restated a “hold” rating and issued a $74.00 target price on shares of Macerich in a research note on Tuesday, February 7th. Stifel Nicolaus lowered their target price on Macerich from $76.00 to $74.00 and set a “hold” rating on the stock in a research note on Tuesday, February 7th. Finally, Deutsche Bank AG lowered their target price on Macerich to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, March 21st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $75.07.
Shares of Macerich (NYSE:MAC) opened at 57.44 on Wednesday. The company has a 50-day moving average price of $63.21 and a 200-day moving average price of $66.93. Macerich has a 12 month low of $57.21 and a 12 month high of $94.51. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 50.39 and a beta of 0.79.
Macerich (NYSE:MAC) last announced its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.03. The firm had revenue of $219.90 million during the quarter, compared to analyst estimates of $222.65 million. Macerich had a return on equity of 11.24% and a net margin of 49.65%. The company’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Friday, May 5th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.94%. The ex-dividend date of this dividend is Wednesday, May 3rd. Macerich’s dividend payout ratio (DPR) is presently 83.04%.
Several institutional investors have recently made changes to their positions in MAC. Oppenheimer Asset Management Inc. bought a new position in shares of Macerich during the first quarter valued at $1,207,000. Schwab Charles Investment Management Inc. boosted its position in shares of Macerich by 1.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 919,374 shares of the real estate investment trust’s stock valued at $59,208,000 after buying an additional 13,994 shares during the period. Amalgamated Bank boosted its position in shares of Macerich by 6.5% in the first quarter. Amalgamated Bank now owns 9,713 shares of the real estate investment trust’s stock valued at $626,000 after buying an additional 595 shares during the period. BlackRock Inc. boosted its position in shares of Macerich by 2,249.6% in the first quarter. BlackRock Inc. now owns 12,358,247 shares of the real estate investment trust’s stock valued at $795,870,000 after buying an additional 11,832,272 shares during the period. Finally, Morgan Stanley boosted its position in shares of Macerich by 104.8% in the first quarter. Morgan Stanley now owns 5,649,199 shares of the real estate investment trust’s stock valued at $363,809,000 after buying an additional 2,890,935 shares during the period. Institutional investors own 93.27% of the company’s stock.
Macerich Company Profile
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.
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