Macerich (NYSE:MAC) Announces Earnings Results

Macerich (NYSE:MAC) posted its earnings results on Monday. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02, Zacks reports. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share.

Macerich Trading Up 14.6%

Macerich stock opened at $17.17 on Monday. Macerich has a 12 month low of $12.48 and a 12 month high of $22.27. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The business has a 50 day moving average price of $15.63 and a two-hundred day moving average price of $18.53. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 44.03, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich’s dividend payout ratio (DPR) is currently -86.08%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Piper Sandler dropped their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. reduced their price target on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, March 10th. The Goldman Sachs Group lowered their price objective on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research report on Monday, March 10th. Truist Financial raised shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Thursday, April 10th. Finally, Morgan Stanley cut their price target on Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 1st. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $18.95.

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.