Macerich (MAC) Set to Announce Quarterly Earnings on Tuesday

Macerich (NYSE:MAC) is set to release its earnings data before the market opens on Tuesday, April 30th. Analysts expect Macerich to post earnings of $0.39 per share for the quarter. Macerich has set its FY24 guidance at $1.76-$1.86 EPS and its FY 2024 guidance at 1.760-1.860 EPS.Persons interested in listening to the company’s earnings conference call can do so using this link.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. During the same period last year, the business earned $0.53 EPS. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts expect Macerich to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Macerich Trading Up 1.9 %

Shares of Macerich stock opened at $15.67 on Monday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a fifty day moving average price of $16.33 and a 200 day moving average price of $14.58. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The stock has a market cap of $3.38 billion, a PE ratio of -12.34, a price-to-earnings-growth ratio of 1.76 and a beta of 2.33.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 4.34%. Macerich’s dividend payout ratio (DPR) is presently -53.54%.

Analyst Upgrades and Downgrades

MAC has been the subject of several recent research reports. The Goldman Sachs Group raised their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and raised their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday, April 18th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.40.

Insider Buying and Selling at Macerich

In other news, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the sale, the president now owns 655,667 shares in the company, valued at $11,277,472.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Hern Thomas E. O sold 95,000 shares of Macerich stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total value of $1,609,300.00. Following the sale, the director now owns 102,900 shares in the company, valued at $1,743,126. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 172,964 shares of company stock valued at $2,940,030. Corporate insiders own 0.57% of the company’s stock.

Macerich Company Profile

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.