Macerich (NYSE:MAC) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Macerich (NYSE:MAC) posted its quarterly earnings data on Thursday. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.02, Morningstar.com reports. The business had revenue of $227.97 million during the quarter, compared to analysts’ expectations of $213.18 million. Macerich had a net margin of 11.59% and a return on equity of 3.43%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. Macerich updated its FY19 guidance to $3.50 to $3.58 EPS and its FY 2019 guidance to $3.50-3.58 EPS.

MAC stock traded up $0.11 on Friday, hitting $32.37. 1,396,695 shares of the company’s stock traded hands, compared to its average volume of 1,643,899. Macerich has a 1-year low of $31.53 and a 1-year high of $60.95. The firm has a market cap of $4.56 billion, a PE ratio of 8.41, a price-to-earnings-growth ratio of 4.75 and a beta of 0.73. The stock’s fifty day moving average is $33.32. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.90 and a current ratio of 0.90.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Monday, August 19th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.27%. The ex-dividend date is Friday, August 16th. Macerich’s dividend payout ratio (DPR) is presently 77.92%.

MAC has been the subject of several recent analyst reports. Barclays reiterated a “hold” rating and issued a $36.00 price objective on shares of Macerich in a report on Thursday, July 18th. Morgan Stanley decreased their price objective on shares of Macerich from $180.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday, June 20th. Finally, Citigroup decreased their price objective on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $59.33.

In other Macerich news, Director Andrea M. Stephen bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was acquired at an average cost of $32.06 per share, with a total value of $320,600.00. Following the completion of the purchase, the director now directly owns 16,580 shares in the company, valued at $531,554.80. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, President Edward C. Coppola bought 3,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average cost of $33.34 per share, with a total value of $116,690.00. Following the completion of the purchase, the president now owns 279,808 shares of the company’s stock, valued at $9,328,798.72. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 79,000 shares of company stock valued at $2,845,735. Company insiders own 1.73% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Chicago Equity Partners LLC purchased a new stake in Macerich in the 2nd quarter worth approximately $309,000. Swiss National Bank lifted its position in Macerich by 3.8% in the 2nd quarter. Swiss National Bank now owns 365,841 shares of the real estate investment trust’s stock worth $12,252,000 after buying an additional 13,400 shares in the last quarter. Comerica Bank lifted its position in Macerich by 4.7% in the 2nd quarter. Comerica Bank now owns 29,934 shares of the real estate investment trust’s stock worth $982,000 after buying an additional 1,342 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Macerich by 23.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 26,280 shares of the real estate investment trust’s stock worth $880,000 after buying an additional 4,943 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in Macerich by 41.2% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,312 shares of the real estate investment trust’s stock worth $391,000 after buying an additional 3,302 shares in the last quarter. 97.60% of the stock is owned by institutional investors and hedge funds.

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.

Read More: Cost of equity and a company’s balance sheet

Earnings History for Macerich (NYSE:MAC)

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