The Macerich Company (NYSE:MAC) Expected to Earn Q3 2024 Earnings of $0.42 Per Share

The Macerich Company (NYSE:MAC) – Stock analysts at Zacks Research increased their Q3 2024 EPS estimates for Macerich in a note issued to investors on Wednesday, June 26th. Zacks Research analyst R. Department now forecasts that the real estate investment trust will post earnings per share of $0.42 for the quarter, up from their previous estimate of $0.41. The consensus estimate for Macerich’s current full-year earnings is $1.72 per share. Zacks Research also issued estimates for Macerich’s FY2024 earnings at $1.66 EPS, Q2 2025 earnings at $0.43 EPS, Q3 2025 earnings at $0.44 EPS, Q4 2025 earnings at $0.48 EPS and FY2025 earnings at $1.71 EPS.

Several other brokerages have also issued reports on MAC. Truist Financial reiterated a “hold” rating and issued a $16.00 target price on shares of Macerich in a research report on Monday, March 25th. Compass Point reduced their price target on shares of Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. The Goldman Sachs Group dropped their price objective on shares of Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a report on Monday, June 17th. Mizuho dropped their price objective on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st. Finally, Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Macerich has an average rating of “Hold” and a consensus target price of $14.64.

Macerich Stock Down 5.1 %

Shares of NYSE MAC opened at $14.65 on Monday. The company’s 50-day simple moving average is $15.06 and its 200-day simple moving average is $15.78. Macerich has a 52-week low of $9.21 and a 52-week high of $17.69. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -9.39, a price-to-earnings-growth ratio of 0.49 and a beta of 2.43. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently modified their holdings of MAC. Envestnet Asset Management Inc. lifted its holdings in Macerich by 2.9% in the third quarter. Envestnet Asset Management Inc. now owns 388,714 shares of the real estate investment trust’s stock worth $4,241,000 after purchasing an additional 10,791 shares during the period. Invesco Ltd. boosted its position in Macerich by 15.3% during the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after purchasing an additional 76,888 shares during the period. LPL Financial LLC boosted its position in shares of Macerich by 5.6% in the third quarter. LPL Financial LLC now owns 475,570 shares of the real estate investment trust’s stock valued at $5,188,000 after acquiring an additional 25,076 shares during the period. Natixis Advisors L.P. boosted its position in shares of Macerich by 5.7% in the third quarter. Natixis Advisors L.P. now owns 95,400 shares of the real estate investment trust’s stock valued at $1,041,000 after acquiring an additional 5,157 shares during the period. Finally, Sherbrooke Park Advisers LLC lifted its position in Macerich by 14.7% in the third quarter. Sherbrooke Park Advisers LLC now owns 25,032 shares of the real estate investment trust’s stock worth $273,000 after purchasing an additional 3,205 shares during the period. Institutional investors own 87.38% of the company’s stock.

Insider Transactions at Macerich

In related news, insider Ann C. Menard bought 4,865 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average cost of $15.40 per share, with a total value of $74,921.00. Following the completion of the transaction, the insider now owns 20,633 shares of the company’s stock, valued at $317,748.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Ann C. Menard bought 4,865 shares of Macerich stock in a transaction dated Wednesday, May 8th. The shares were acquired at an average cost of $15.40 per share, with a total value of $74,921.00. Following the completion of the transaction, the insider now owns 20,633 shares in the company, valued at approximately $317,748.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kenneth Volk bought 5,000 shares of Macerich stock in a transaction dated Friday, May 10th. The shares were purchased at an average cost of $15.40 per share, for a total transaction of $77,000.00. Following the completion of the transaction, the executive vice president now owns 51,924 shares of the company’s stock, valued at approximately $799,629.60. The disclosure for this purchase can be found here. Insiders bought a total of 163,365 shares of company stock worth $2,358,681 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.64%. Macerich’s dividend payout ratio (DPR) is presently -43.59%.

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.