The Macerich Company Forecasted to Post Q1 2024 Earnings of $0.40 Per Share (NYSE:MAC)

Posted by Defense World Staff on Sep 11th, 2023

The Macerich Company (NYSE:MAC – Free Report) – Zacks Research lowered their Q1 2024 EPS estimates for Macerich in a research report issued on Wednesday, September 6th. Zacks Research analyst N. Dass now anticipates that the real estate investment trust will earn $0.40 per share for the quarter, down from their previous forecast of $0.42. The consensus estimate for Macerich’s current full-year earnings is $1.80 per share. Zacks Research also issued estimates for Macerich’s FY2024 earnings at $1.80 EPS, Q1 2025 earnings at $0.42 EPS and FY2025 earnings at $1.81 EPS.

Macerich (NYSE:MAC – Get Free Report) last posted its quarterly earnings data on Tuesday, August 8th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.49). Macerich had a negative net margin of 10.07% and a negative return on equity of 3.01%. The company had revenue of $212.40 million for the quarter, compared to analyst estimates of $193.97 million. During the same quarter last year, the company earned $0.46 EPS. The business’s revenue was up 4.1% compared to the same quarter last year.

MAC has been the topic of several other research reports. Mizuho cut their price target on shares of Macerich from $11.00 to $9.00 in a report on Friday, May 26th. 22nd Century Group reaffirmed a “maintains” rating on shares of Macerich in a research note on Thursday, June 29th. StockNews.com assumed coverage on shares of Macerich in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Truist Financial dropped their price objective on shares of Macerich from $15.00 to $14.00 in a research note on Wednesday, June 28th. Finally, VNET Group reaffirmed a “maintains” rating on shares of Macerich in a research note on Wednesday, May 17th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Macerich presently has an average rating of “Hold” and a consensus price target of $11.25.

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Macerich Price Performance

Shares of NYSE:MAC opened at $11.75 on Monday. Macerich has a twelve month low of $7.40 and a twelve month high of $14.51. The company’s 50 day moving average is $12.02 and its 200 day moving average is $10.93. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.53. The company has a market cap of $2.53 billion, a PE ratio of -29.38 and a beta of 2.15.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP lifted its holdings in Macerich by 10,681.8% in the 2nd quarter. Allworth Financial LP now owns 2,372 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 2,350 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in Macerich in the 4th quarter valued at $28,000. Point72 Hong Kong Ltd purchased a new position in Macerich in the 2nd quarter valued at $29,000. CWM LLC lifted its holdings in Macerich by 176.5% in the 2nd quarter. CWM LLC now owns 3,583 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 2,287 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Macerich by 42.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,831 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 1,136 shares in the last quarter. Hedge funds and other institutional investors own 90.14% of the company’s stock.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 18th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 5.79%. Macerich’s dividend payout ratio (DPR) is -170.00%.

Macerich Company Profile

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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.