Brokerages Anticipate The Macerich Company (NYSE:MAC) Will Post Quarterly Sales of $194.31 Million

Wall Street brokerages predict that The Macerich Company (NYSE:MAC) will announce sales of $194.31 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for The Macerich’s earnings. The lowest sales estimate is $191.50 million and the highest is $199.10 million. The Macerich reported sales of $178.59 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.8%. The firm is expected to issue its next quarterly 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 financial year, with estimates ranging from $772.50 million to $821.30 million. For the next financial year, analysts anticipate that the firm will report sales of $829.47 million, with estimates ranging from $808.90 million to $858.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow The Macerich.

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

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

Institutional investors have recently made changes to their positions in the stock. NEXT Financial Group Inc grew its holdings in The Macerich by 865.4% during the first quarter. NEXT Financial Group Inc now owns 2,510 shares of the real estate investment trust’s stock worth $29,000 after buying an additional 2,250 shares in the last quarter. Signaturefd LLC grew its holdings in The Macerich by 150.8% during the first quarter. Signaturefd LLC now owns 2,809 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,689 shares in the last quarter. IFP Advisors Inc grew its holdings in The Macerich by 137.0% during the fourth quarter. IFP Advisors Inc now owns 4,739 shares of the real estate investment trust’s stock worth $51,000 after buying an additional 2,739 shares in the last quarter. Eaton Vance Management bought a new stake in The Macerich during the first quarter worth $70,000. Finally, Royal London Asset Management Ltd. bought a new stake in The Macerich during the fourth quarter worth $81,000. Institutional investors and hedge funds own 77.56% of the company’s stock.

Shares of The Macerich stock traded down $0.67 during midday trading on Friday, reaching $17.34. The company had a trading volume of 4,109,496 shares, compared to its average volume of 7,734,269. The stock’s fifty day moving average is $14.10. The company has a current ratio of 4.36, a quick ratio of 4.36 and a debt-to-equity ratio of 2.01. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of -9.04, a PEG ratio of 6.28 and a beta of 2.03. The Macerich has a fifty-two week low of $6.42 and a fifty-two week high of $25.99.

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

The Macerich Company Profile

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.

Recommended Story: Momentum Indicators

Get a free copy of the Zacks research report on The Macerich (MAC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for The Macerich Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Macerich and related companies with MarketBeat.com's FREE daily email newsletter.