Macerich (NYSE:MAC) Shares Up 12.8% After Better-Than-Expected Earnings

The Macerich Company (NYSE:MAC)’s share price shot up 12.8% during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $17.27 and last traded at $16.90. 839,683 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 1,923,130 shares. The stock had previously closed at $14.98.

The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. Macerich had a net margin of 8.98% and a return on equity of 3.15%. During the same quarter in the previous year, the firm posted $0.33 EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be given a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.02%. Macerich’s payout ratio is currently -86.08%.

Wall Street Analysts Forecast Growth

MAC has been the topic of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a report on Monday, March 10th. Piper Sandler dropped their price objective on Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Truist Financial upgraded shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Thursday, April 10th. Scotiabank dropped their price target on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Morgan Stanley dropped their target price on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.95.

Institutional Trading of Macerich

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Macerich by 13.2% in the fourth quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock valued at $769,260,000 after acquiring an additional 4,503,509 shares in the last quarter. FMR LLC boosted its holdings in Macerich by 87.3% in the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust’s stock worth $439,192,000 after purchasing an additional 10,274,895 shares during the period. Wellington Management Group LLP lifted its stake in Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust’s stock valued at $200,222,000 after buying an additional 8,988,665 shares during the last quarter. Geode Capital Management LLC grew its holdings in Macerich by 10.6% in the 4th quarter. Geode Capital Management LLC now owns 6,001,399 shares of the real estate investment trust’s stock worth $119,573,000 after buying an additional 574,490 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Macerich by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,171,300 shares of the real estate investment trust’s stock valued at $103,012,000 after purchasing an additional 369,931 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Trading Up 12.9%

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’s 50 day moving average is $15.63 and its two-hundred day moving average is $18.53. The firm has a market capitalization of $4.27 billion, a P/E ratio of 43.47, a PEG ratio of 0.71 and a beta of 2.13.

About Macerich

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.