$194.31 Million in Sales Expected for The Macerich Company (NYSE:MAC) This Quarter

Wall Street brokerages expect The Macerich Company (NYSE:MAC) to announce sales of $194.31 million for the current quarter, according to Zacks. Three analysts have provided estimates for The Macerich’s earnings, with the highest sales estimate coming in at $199.10 million and the lowest estimate coming in at $191.50 million. The Macerich reported sales of $178.59 million during the same quarter last year, which would suggest a positive year over year growth rate of 8.8%. The business is scheduled to report its next earnings results on Tuesday, August 10th.

On average, analysts expect that The Macerich will report full year sales of $793.62 million for the current fiscal year, with estimates ranging from $772.50 million to $821.30 million. For the next financial year, analysts expect that the firm will report sales of $829.47 million, with estimates ranging from $808.90 million to $858.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover The Macerich.

The Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, May 11th. The real estate investment trust reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.20). The Macerich had a negative return on equity of 11.74% and a negative net margin of 40.20%. The firm had revenue of $190.40 million for the quarter, compared to analyst estimates of $185.08 million. During the same quarter in the prior year, the business earned $0.05 EPS. The firm’s quarterly revenue was down 16.1% on a year-over-year basis.

Several research firms have recently issued reports on MAC. Morgan Stanley lifted their price objective on shares of The Macerich from $11.20 to $12.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 18th. Zacks Investment Research upgraded shares of The Macerich from a “sell” rating to a “hold” rating and set a $19.00 price objective on the stock in a research note on Wednesday. Mizuho boosted their price target on shares of The Macerich from $8.50 to $12.50 in a research note on Thursday, April 15th. Truist upped their target price on shares of The Macerich from $14.00 to $15.00 in a research report on Monday, March 22nd. Finally, Truist Securities upped their price target on shares of The Macerich from $14.00 to $15.00 in a report on Monday, March 22nd. Seven analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $11.77.

Shares of NYSE:MAC traded down $0.67 during trading on Friday, hitting $17.34. The company’s stock had a trading volume of 4,109,496 shares, compared to its average volume of 7,734,269. The firm’s 50 day simple moving average is $14.10. The stock has a market cap of $3.11 billion, a P/E ratio of -9.04, a PEG ratio of 6.28 and a beta of 2.03. The company has a debt-to-equity ratio of 2.01, a current ratio of 4.36 and a quick ratio of 4.36. The Macerich has a fifty-two week low of $6.42 and a fifty-two week high of $25.99.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 3rd. Shareholders of record on Friday, May 7th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 3.46%. The Macerich’s dividend payout ratio (DPR) is 27.78%.

A number of hedge funds and other institutional investors have recently bought and sold shares of MAC. NEXT Financial Group Inc lifted its position in The Macerich by 865.4% in the 1st quarter. NEXT Financial Group Inc now owns 2,510 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 2,250 shares during the last quarter. Signaturefd LLC grew its stake in shares of The Macerich by 150.8% in the 1st quarter. Signaturefd LLC now owns 2,809 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,689 shares during the last quarter. IFP Advisors Inc grew its stake in shares of The Macerich by 137.0% in the 4th quarter. IFP Advisors Inc now owns 4,739 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 2,739 shares during the last quarter. Eaton Vance Management purchased a new position in shares of The Macerich in the first quarter worth approximately $70,000. Finally, Royal London Asset Management Ltd. purchased a new position in shares of The Macerich in the fourth quarter worth approximately $81,000. Hedge funds and other institutional investors own 77.56% of the company’s stock.

About The Macerich

Macerich 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.

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Earnings History and Estimates for The Macerich (NYSE:MAC)

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