Zacks: Brokerages Anticipate Macerich Company (The) (NYSE:MAC) Will Announce Earnings of $0.99 Per Share
Brokerages expect Macerich Company (The) (NYSE:MAC) to announce earnings per share (EPS) of $0.99 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Macerich Company (The)’s earnings. The lowest EPS estimate is $0.95 and the highest is $1.02. Macerich Company (The) posted earnings per share of $1.04 in the same quarter last year, which would suggest a negative year-over-year growth rate of 4.8%. The company is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Macerich Company (The) will report full-year earnings of $3.95 per share for the current financial year, with EPS estimates ranging from $3.91 to $3.97. For the next year, analysts forecast that the firm will post earnings of $4.13 per share, with EPS estimates ranging from $4.02 to $4.18. Zacks’ earnings per share averages are an average based on a survey of research analysts that follow Macerich Company (The).
Macerich Company (The) (NYSE:MAC) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.04. Macerich Company (The) had a net margin of 14.39% and a return on equity of 3.38%. The business had revenue of $247.20 million for the quarter, compared to analyst estimates of $218.62 million. During the same quarter in the prior year, the business earned $1.02 EPS. Macerich Company (The)’s quarterly revenue was down 4.9% on a year-over-year basis.
A number of analysts recently issued reports on the stock. Barclays PLC decreased their price objective on shares of Macerich Company (The) from $66.00 to $63.00 and set an “equal weight” rating for the company in a report on Wednesday, April 19th. ValuEngine downgraded shares of Macerich Company (The) from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Boenning Scattergood restated a “hold” rating on shares of Macerich Company (The) in a report on Friday. Mizuho downgraded shares of Macerich Company (The) from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $84.00 to $63.00 in a report on Tuesday, May 30th. Finally, BidaskClub upgraded shares of Macerich Company (The) from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. Macerich Company (The) presently has an average rating of “Hold” and a consensus target price of $70.46.
In other news, CEO Arthur M. Coppola sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $58.13, for a total value of $5,813,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.75% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in MAC. Pacer Advisors Inc. raised its position in Macerich Company (The) by 3.1% in the first quarter. Pacer Advisors Inc. now owns 2,571 shares of the real estate investment trust’s stock worth $166,000 after buying an additional 77 shares during the period. Advisory Services Network LLC purchased a new position in Macerich Company (The) during the first quarter worth approximately $167,000. BB&T Securities LLC purchased a new position in Macerich Company (The) during the first quarter worth approximately $234,000. Sawtooth Solutions LLC purchased a new position in Macerich Company (The) during the first quarter worth approximately $244,000. Finally, Parametrica Management Ltd purchased a new position in Macerich Company (The) during the second quarter worth approximately $222,000. Institutional investors own 95.43% of the company’s stock.
Shares of Macerich Company (NYSE:MAC) traded down 1.19% on Tuesday, reaching $59.89. 101,088 shares of the company were exchanged. The firm has a market capitalization of $8.49 billion, a PE ratio of 52.54 and a beta of 0.77. The company’s 50 day moving average is $58.27 and its 200 day moving average is $62.59. Macerich Company has a 12-month low of $56.06 and a 12-month high of $88.02.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Friday, August 18th will be given a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.69%. Macerich Company (The)’s dividend payout ratio (DPR) is currently 278.43%.
Macerich Company (The) 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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