Macerich Co (NYSE:MAC) – Investment analysts at SunTrust Banks decreased their FY2019 EPS estimates for Macerich in a report issued on Wednesday, December 11th. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will earn $3.55 per share for the year, down from their prior forecast of $3.57. SunTrust Banks has a “Hold” rating and a $27.00 price objective on the stock. SunTrust Banks also issued estimates for Macerich’s Q4 2019 earnings at $0.98 EPS, Q1 2020 earnings at $0.85 EPS, Q2 2020 earnings at $0.89 EPS, Q3 2020 earnings at $0.88 EPS, Q4 2020 earnings at $0.95 EPS, FY2022 earnings at $3.61 EPS and FY2023 earnings at $3.53 EPS.
A number of other analysts have also recently weighed in on the stock. TheStreet upgraded shares of Macerich from a “d+” rating to a “c” rating in a report on Monday. Bank of America reduced their target price on shares of Macerich from $34.00 to $30.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. Barclays set a $33.00 target price on shares of Macerich and gave the stock a “hold” rating in a report on Tuesday, September 10th. Citigroup reduced their target price on shares of Macerich from $34.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, September 27th. Finally, Zacks Investment Research upgraded shares of Macerich from a “sell” rating to a “hold” rating and set a $30.00 target price for the company in a report on Monday, August 26th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $38.96.
Macerich (NYSE:MAC) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.02). The company had revenue of $214.30 million during the quarter, compared to the consensus estimate of $216.69 million. Macerich had a net margin of 8.76% and a return on equity of 2.69%. The company’s revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the business earned $0.52 earnings per share.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Investors of record on Friday, November 8th were given a $0.75 dividend. The ex-dividend date was Thursday, November 7th. This represents a $3.00 annualized dividend and a dividend yield of 11.32%. Macerich’s dividend payout ratio (DPR) is presently 77.92%.
In other Macerich news, CAO Christopher J. Zecchini sold 1,500 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $27.70, for a total value of $41,550.00. Following the completion of the sale, the chief accounting officer now owns 5,672 shares in the company, valued at approximately $157,114.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steve Hash bought 10,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $26.44 per share, with a total value of $264,400.00. Following the transaction, the director now owns 26,884 shares in the company, valued at $710,812.96. The disclosure for this purchase can be found here. 1.73% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its holdings in shares of Macerich by 4,159.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,363 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 1,331 shares in the last quarter. Cornerstone Advisors Inc. raised its holdings in shares of Macerich by 91.9% during the 3rd quarter. Cornerstone Advisors Inc. now owns 2,098 shares of the real estate investment trust’s stock valued at $66,000 after purchasing an additional 1,005 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Macerich by 49.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 2,552 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 841 shares in the last quarter. CSat Investment Advisory L.P. raised its holdings in shares of Macerich by 69.1% during the 2nd quarter. CSat Investment Advisory L.P. now owns 2,611 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Macerich by 56.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 3,106 shares of the real estate investment trust’s stock valued at $91,000 after purchasing an additional 1,126 shares in the last quarter.
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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