Macerich (NYSE:MAC) Issues FY 2019 Earnings Guidance

Macerich (NYSE:MAC) issued an update on its FY 2019 earnings guidance on Thursday morning. The company provided EPS guidance of $3.50-3.58 for the period. Macerich also updated its FY19 guidance to $3.50 to $3.58 EPS.

Shares of MAC opened at $32.37 on Friday. The stock has a market capitalization of $4.67 billion, a price-to-earnings ratio of 8.58, a P/E/G ratio of 4.86 and a beta of 0.73. Macerich has a 12-month low of $31.53 and a 12-month high of $60.95. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.90 and a quick ratio of 0.90. The company’s fifty day moving average is $33.32.

Macerich (NYSE:MAC) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.02. The firm had revenue of $227.97 million during the quarter, compared to analyst estimates of $213.18 million. Macerich had a net margin of 10.67% and a return on equity of 3.75%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 earnings per share. As a group, equities analysts forecast that Macerich will post 3.56 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Monday, August 19th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.27%. The ex-dividend date is Friday, August 16th. Macerich’s dividend payout ratio is currently 77.92%.

MAC has been the subject of a number of recent analyst reports. Citigroup lowered their target price on shares of Macerich from $46.00 to $34.00 and set a neutral rating for the company in a research note on Friday, June 28th. Barclays reissued a hold rating and set a $36.00 target price on shares of Macerich in a research note on Thursday, July 18th. Finally, Morgan Stanley lowered their target price on shares of Macerich from $180.00 to $170.00 and set an underweight rating for the company in a research note on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Macerich presently has a consensus rating of Hold and an average price target of $59.33.

In other Macerich news, President Edward C. Coppola acquired 5,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was bought at an average cost of $40.50 per share, with a total value of $202,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrea M. Stephen acquired 20,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was acquired at an average cost of $35.02 per share, with a total value of $700,400.00. Following the completion of the purchase, the director now owns 16,580 shares of the company’s stock, valued at $580,631.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 79,000 shares of company stock valued at $2,845,735. 1.73% of the stock is owned by insiders.

Macerich Company Profile

Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Earnings History and Estimates for Macerich (NYSE:MAC)

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