Macerich (MAC) Updates FY19 Earnings Guidance
Macerich (NYSE:MAC) issued an update on its FY19 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.50-3.58 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.52. Macerich also updated its FY 2019 guidance to $3.65-3.73 EPS.
NYSE MAC traded up $0.60 during trading hours on Friday, hitting $41.82. The company’s stock had a trading volume of 977,950 shares, compared to its average volume of 1,203,291. Macerich has a 12 month low of $39.71 and a 12 month high of $60.95. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 6.79 and a beta of 0.83. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.99 and a current ratio of 0.99.
Macerich (NYSE:MAC) last released its quarterly earnings data on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.76). Macerich had a return on equity of 2.41% and a net margin of 6.25%. The business had revenue of $216.34 million during the quarter, compared to the consensus estimate of $206.88 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. Macerich’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts predict that Macerich will post 3.56 earnings per share for the current fiscal year.
MAC has been the subject of several research analyst reports. Deutsche Bank reduced their price objective on Macerich from $51.00 to $50.00 and set a hold rating for the company in a report on Tuesday, February 12th. ValuEngine downgraded Macerich from a sell rating to a strong sell rating in a report on Thursday, January 24th. Royal Bank of Canada reissued a hold rating and issued a $46.00 target price on shares of Macerich in a research report on Tuesday, February 26th. Zacks Investment Research raised Macerich from a sell rating to a hold rating in a research report on Friday, January 11th. Finally, Mizuho cut Macerich from a buy rating to a neutral rating and set a $48.00 target price on the stock. in a research report on Wednesday, January 23rd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $55.62.
In other Macerich news, SVP Kenneth Volk sold 5,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $42.19, for a total value of $210,950.00. Following the transaction, the senior vice president now directly owns 12,399 shares of the company’s stock, valued at $523,113.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.76% of the company’s stock.
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.
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