SunTrust Banks Research Analysts Lower Earnings Estimates for Macerich Co (MAC)
Macerich Co (NYSE:MAC) – Research analysts at SunTrust Banks decreased their Q3 2018 earnings per share (EPS) estimates for Macerich in a research report issued on Wednesday, August 15th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings per share of $0.98 for the quarter, down from their previous forecast of $1.02. SunTrust Banks currently has a “Hold” rating and a $60.00 price target on the stock. SunTrust Banks also issued estimates for Macerich’s Q4 2018 earnings at $1.12 EPS, FY2018 earnings at $3.87 EPS, FY2019 earnings at $3.95 EPS, FY2020 earnings at $4.02 EPS, FY2021 earnings at $4.10 EPS and FY2022 earnings at $4.25 EPS.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research cut Macerich from a “hold” rating to a “sell” rating in a research note on Monday, July 30th. BMO Capital Markets set a $66.00 price target on Macerich and gave the company a “buy” rating in a research note on Wednesday, August 1st. Boenning Scattergood set a $75.00 price target on Macerich and gave the company a “buy” rating in a research note on Friday, May 4th. Bank of America boosted their price target on Macerich from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, August 13th. Finally, ValuEngine cut Macerich from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $64.47.
Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.91). The firm had revenue of $234.50 million during the quarter, compared to the consensus estimate of $216.37 million. Macerich had a net margin of 2.52% and a return on equity of 1.58%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS.
A number of institutional investors have recently made changes to their positions in the business. Eii Capital Management Inc. boosted its position in Macerich by 2.0% during the second quarter. Eii Capital Management Inc. now owns 50,313 shares of the real estate investment trust’s stock worth $2,859,000 after purchasing an additional 976 shares during the period. PNC Financial Services Group Inc. boosted its position in Macerich by 15.6% during the first quarter. PNC Financial Services Group Inc. now owns 7,761 shares of the real estate investment trust’s stock worth $435,000 after purchasing an additional 1,049 shares during the period. SG Americas Securities LLC boosted its position in Macerich by 4.9% during the second quarter. SG Americas Securities LLC now owns 23,012 shares of the real estate investment trust’s stock worth $1,308,000 after purchasing an additional 1,081 shares during the period. Glen Harbor Capital Management LLC boosted its position in Macerich by 9.2% during the first quarter. Glen Harbor Capital Management LLC now owns 12,852 shares of the real estate investment trust’s stock worth $720,000 after purchasing an additional 1,088 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Macerich by 17.9% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 7,268 shares of the real estate investment trust’s stock valued at $413,000 after acquiring an additional 1,104 shares during the period. 95.39% of the stock is owned by hedge funds and other institutional investors.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Shareholders of record on Friday, August 17th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Thursday, August 16th. This represents a $2.96 dividend on an annualized basis and a yield of 5.04%. Macerich’s payout ratio is currently 75.32%.
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 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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