Macerich (MAC) Scheduled to Post Quarterly Earnings on Tuesday

Macerich (NYSE:MAC) is set to post its quarterly earnings results 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.Investors interested in participating in the company’s conference call can do so using this link.

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

Macerich Price Performance

MAC opened at $15.71 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -12.37, a price-to-earnings-growth ratio of 1.72 and a beta of 2.33. The stock has a fifty day simple moving average of $16.44 and a two-hundred day simple moving average of $14.44. Macerich has a 12-month low of $9.05 and a 12-month high of $17.69.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Friday, February 16th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Thursday, February 15th. Macerich’s dividend payout ratio is presently -53.54%.

Analysts Set New Price Targets

Several research firms recently commented on MAC. Truist Financial reissued a “hold” rating and set a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. The Goldman Sachs Group lifted their price objective on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Finally, Citigroup raised Macerich from a “sell” rating to a “neutral” rating and increased their target price for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, Macerich has a consensus rating of “Hold” and a consensus target price of $14.40.

Insiders Place Their Bets

In related news, Director Edward C. Coppola sold 20,000 shares of Macerich stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the completion of the sale, the director now directly owns 635,667 shares in the company, valued at approximately $10,812,695.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Edward C. Coppola sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the sale, the director now owns 635,667 shares in the company, valued at $10,812,695.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Hern Thomas E. O sold 95,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the transaction, the director now owns 102,900 shares in the company, valued at approximately $1,743,126. The disclosure for this sale can be found here. In 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.