Macerich (NYSE:MAC) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Macerich (NYSE:MAC) announced its quarterly earnings data on Tuesday. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01), Zacks reports. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.

Macerich Stock Up 2.5%

NYSE:MAC traded up $0.43 during trading hours on Tuesday, hitting $17.77. The stock had a trading volume of 3,080,347 shares, compared to its average volume of 1,995,617. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich has a 1-year low of $12.48 and a 1-year high of $22.27. The business has a 50 day simple moving average of $17.70 and a two-hundred day simple moving average of $16.69. The company has a market cap of $4.49 billion, a PE ratio of -10.15, a price-to-earnings-growth ratio of 2.96 and a beta of 2.23.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 15th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.68 annualized dividend and a yield of 3.8%. Macerich’s dividend payout ratio (DPR) is -38.86%.

Analyst Ratings Changes

MAC has been the topic of several recent analyst reports. Evercore ISI increased their price objective on shares of Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a report on Monday, September 15th. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a “buy” rating and a $25.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Wednesday, August 27th. Wall Street Zen lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.11.

Institutional Trading of Macerich

Several large investors have recently bought and sold shares of the company. State Street Corp grew its position in Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after acquiring an additional 351,907 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Macerich by 13.4% during the second quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock worth $63,014,000 after buying an additional 461,351 shares in the last quarter. Bank of America Corp DE grew its position in shares of Macerich by 9.0% during the second quarter. Bank of America Corp DE now owns 1,488,210 shares of the real estate investment trust’s stock worth $24,079,000 after buying an additional 122,765 shares in the last quarter. Millennium Management LLC grew its position in shares of Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Macerich by 6.0% during the second quarter. Sei Investments Co. now owns 878,716 shares of the real estate investment trust’s stock worth $14,218,000 after buying an additional 49,907 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.