Macerich (NYSE:MAC) Announces Earnings Results

Macerich (NYSE:MAC - Get Free Report) posted its quarterly earnings data on Wednesday. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90), Zacks reports. The business had revenue of $220.20 million for the quarter, compared to analysts' expectations of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 earnings per share.

Macerich Price Performance

NYSE:MAC traded up $0.22 during trading hours on Friday, reaching $19.52. 1,476,323 shares of the company's stock were exchanged, compared to its average volume of 1,418,307. The company has a quick ratio of 0.86, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $4.22 billion, a P/E ratio of 50.07, a price-to-earnings-growth ratio of 0.62 and a beta of 2.50. Macerich has a 12 month low of $9.90 and a 12 month high of $20.27. The business's 50-day simple moving average is $17.62 and its two-hundred day simple moving average is $16.05.

Macerich Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. 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. Evercore ISI increased their price target on shares of Macerich from $15.00 to $16.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 28th. The Goldman Sachs Group boosted their price objective on Macerich from $13.00 to $14.60 and gave the company a "sell" rating in a report on Thursday, September 19th. StockNews.com downgraded Macerich from a "hold" rating to a "sell" rating in a report on Thursday. Finally, Piper Sandler upped their price target on Macerich from $11.00 to $14.00 and gave the company an "underweight" rating in a research report on Tuesday, September 3rd. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Macerich has a consensus 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.