The Macerich Company (NYSE:MAC) to Post Q3 2024 Earnings of $0.41 Per Share, Zacks Research Forecasts

The Macerich Company (NYSE:MAC) – Zacks Research lowered their Q3 2024 earnings estimates for Macerich in a report issued on Thursday, May 23rd. Zacks Research analyst R. Department now forecasts that the real estate investment trust will earn $0.41 per share for the quarter, down from their previous estimate of $0.42. 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 $1.65 EPS, Q2 2025 earnings at $0.42 EPS, Q3 2025 earnings at $0.43 EPS and FY2025 earnings at $1.69 EPS.

Other equities analysts also recently issued research reports about the stock. Mizuho lowered their target price on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a research note on Wednesday, May 1st. Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and lowered their target price for the stock from $16.00 to $14.00 in a research report on Friday, May 17th. Piper Sandler downgraded Macerich from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Truist Financial reissued a “hold” rating and issued a $16.00 price target on shares of Macerich in a report on Monday, March 25th. Finally, StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Five analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $14.71.

Macerich Stock Up 0.4 %

Shares of NYSE MAC opened at $14.96 on Friday. The business’s fifty day simple moving average is $15.81 and its 200-day simple moving average is $15.17. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. Macerich has a 12-month low of $9.05 and a 12-month high of $17.69. The stock has a market cap of $3.23 billion, a P/E ratio of -9.59, a PEG ratio of 3.12 and a beta of 2.38.

Institutional Investors Weigh In On Macerich

A number of large investors have recently added to or reduced their stakes in the company. Raymond James & Associates raised its stake in shares of Macerich by 36.5% in the 3rd quarter. Raymond James & Associates now owns 24,651 shares of the real estate investment trust’s stock valued at $269,000 after purchasing an additional 6,588 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Macerich by 4.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 68,700 shares of the real estate investment trust’s stock valued at $750,000 after purchasing an additional 2,727 shares during the period. Nisa Investment Advisors LLC grew its holdings in Macerich by 3.6% during the third quarter. Nisa Investment Advisors LLC now owns 115,661 shares of the real estate investment trust’s stock worth $1,262,000 after acquiring an additional 3,992 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in shares of Macerich by 1.7% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 246,331 shares of the real estate investment trust’s stock worth $2,687,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Diligent Investors LLC acquired a new stake in shares of Macerich during the third quarter worth $279,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Macerich

In other Macerich news, EVP Kenneth Volk bought 5,000 shares of Macerich stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average price of $15.40 per share, for a total transaction of $77,000.00. Following the acquisition, the executive vice president now owns 51,924 shares of the company’s stock, valued at approximately $799,629.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Kenneth Volk bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $15.40 per share, for a total transaction of $77,000.00. Following the acquisition, the executive vice president now owns 51,924 shares in the company, valued at approximately $799,629.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jackson Hsieh purchased 140,000 shares of Macerich stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average cost of $14.26 per share, for a total transaction of $1,996,400.00. Following the completion of the transaction, the chief executive officer now directly owns 170,500 shares in the company, valued at approximately $2,431,330. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 163,365 shares of company stock worth $2,358,681 and have sold 122,964 shares worth $2,080,030. 0.53% of the stock is currently owned by insiders.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date is Friday, May 17th. Macerich’s dividend payout ratio (DPR) is presently -43.59%.

About Macerich

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.