Macerich (NYSE:MAC) Announces Quarterly Earnings Results, Meets Expectations

Macerich (NYSE:MAC - Get Free Report) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.47 EPS for the quarter, hitting analysts' consensus estimates of $0.47, Zacks reports. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $273.68 million for the quarter, compared to analyst estimates of $216.62 million.

Macerich Trading Up 2.0 %

Shares of Macerich stock traded up $0.36 during midday trading on Monday, reaching $18.40. 2,862,911 shares of the company's stock traded hands, compared to its average volume of 1,844,965. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27. The company has a market cap of $4.57 billion, a PE ratio of 47.18, a price-to-earnings-growth ratio of 0.71 and a beta of 2.50. The stock has a 50 day moving average of $20.17 and a 200-day moving average of $18.95.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 3.70%. Macerich's payout ratio is presently -86.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Compass Point increased their target price on Macerich from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Jefferies Financial Group raised Macerich from a "hold" rating to a "buy" rating and raised their price objective for the company from $19.00 to $23.00 in a report on Thursday, January 2nd. Morgan Stanley upgraded Macerich from an "underweight" rating to an "equal weight" rating and set a $20.00 target price for the company in a research report on Wednesday, January 15th. Piper Sandler reduced their price target on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday. Finally, StockNews.com lowered shares of Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Macerich currently has a consensus rating of "Hold" and an average target price of $19.22.

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Insider Transactions at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the business's stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the sale, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.53% of the company's stock.

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.