Macerich Co (NYSE:MAC) – Analysts at SunTrust Banks decreased their FY2019 earnings per share (EPS) estimates for Macerich in a report issued on Wednesday, December 11th, Zacks Investment Research reports. SunTrust Banks analyst K. Kim now expects that the real estate investment trust will post earnings of $3.55 per share for the year, down from their previous estimate of $3.57. SunTrust Banks has a “Hold” rating and a $27.00 price target on the stock. SunTrust Banks also issued estimates for Macerich’s Q4 2019 earnings at $0.98 EPS, Q1 2020 earnings at $0.85 EPS, Q2 2020 earnings at $0.89 EPS, Q3 2020 earnings at $0.88 EPS, Q4 2020 earnings at $0.95 EPS, FY2022 earnings at $3.61 EPS and FY2023 earnings at $3.53 EPS.
Several other analysts also recently commented on MAC. KeyCorp downgraded shares of Macerich from a “sector weight” rating to an “underweight” rating and set a $21.50 price objective on the stock. in a research report on Tuesday, December 17th. ValuEngine raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Friday. Bank of America decreased their price target on Macerich from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Barclays set a $33.00 price objective on Macerich and gave the company a “hold” rating in a research report on Tuesday, September 10th. Finally, Citigroup cut their target price on Macerich from $34.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, September 27th. Two analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company. Macerich currently has an average rating of “Hold” and an average price target of $35.79.
Shares of NYSE:MAC traded down $0.08 during mid-day trading on Friday, reaching $25.85. 2,303,352 shares of the company traded hands, compared to its average volume of 3,112,567. The company’s 50 day moving average price is $26.67 and its 200-day moving average price is $29.73. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $3.66 billion, a PE ratio of 6.71, a PEG ratio of 5.27 and a beta of 0.71. Macerich has a 52 week low of $25.28 and a 52 week high of $47.05.
Macerich (NYSE:MAC) last posted its quarterly earnings data on Thursday, October 31st. The real estate investment trust reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). Macerich had a return on equity of 2.69% and a net margin of 8.76%. The company had revenue of $214.30 million during the quarter, compared to analysts’ expectations of $216.69 million. During the same quarter last year, the company earned $0.52 earnings per share. The company’s revenue for the quarter was down 4.5% on a year-over-year basis.
In other Macerich news, CAO Christopher J. Zecchini sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $27.70, for a total transaction of $41,550.00. Following the sale, the chief accounting officer now directly owns 5,672 shares in the company, valued at $157,114.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steve Hash bought 10,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $26.44 per share, with a total value of $264,400.00. Following the acquisition, the director now owns 26,884 shares in the company, valued at approximately $710,812.96. The disclosure for this purchase can be found here. Insiders own 1.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MAC. Parallel Advisors LLC grew its holdings in Macerich by 4,159.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,363 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 1,331 shares during the last quarter. Cornerstone Advisors Inc. boosted its position in shares of Macerich by 91.9% during the third quarter. Cornerstone Advisors Inc. now owns 2,098 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 1,005 shares during the period. Meeder Asset Management Inc. boosted its position in shares of Macerich by 49.2% during the third quarter. Meeder Asset Management Inc. now owns 2,552 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 841 shares during the period. CSat Investment Advisory L.P. grew its stake in shares of Macerich by 69.1% during the second quarter. CSat Investment Advisory L.P. now owns 2,611 shares of the real estate investment trust’s stock valued at $88,000 after buying an additional 1,067 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Macerich by 56.9% during the third quarter. Quadrant Capital Group LLC now owns 3,106 shares of the real estate investment trust’s stock valued at $91,000 after buying an additional 1,126 shares during the last quarter.
Macerich Company Profile
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
