Macerich (NYSE:MAC) Posts Earnings Results, Misses Estimates By $0.90 EPS

Macerich (NYSE:MAC) announced its earnings results on Wednesday. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90), Zacks reports. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $208.54 million. During the same quarter last year, the company posted $0.44 earnings per share. Macerich’s revenue for the quarter was up .9% compared to the same quarter last year.

Macerich Stock Performance

NYSE MAC traded up $0.22 during trading hours on Friday, reaching $19.52. The company’s stock had a trading volume of 1,476,323 shares, compared to its average volume of 1,418,307. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 1.68. The business has a 50-day simple moving average of $17.62 and a 200 day simple moving average of $16.05. Macerich has a 52 week low of $9.90 and a 52 week high of $20.27. The stock has a market cap of $4.22 billion, a PE ratio of 50.07, a PEG ratio of 0.62 and a beta of 2.50.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.48%. Macerich’s payout ratio is currently 174.36%.

Analysts Set New Price Targets

MAC has been the subject of a number of analyst reports. Bank of America upped their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Piper Sandler lifted their price objective on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Evercore ISI upped their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group raised their price target on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Finally, Compass Point upped their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $16.40.

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.