The Macerich Co. (NYSE:MAC) – Equities research analysts at SunTrust Banks decreased their FY2016 earnings estimates for The Macerich in a research report issued on Thursday. SunTrust Banks analyst K. Kim now anticipates that the firm will post earnings of $4.05 per share for the year, down from their prior forecast of $4.10. SunTrust Banks also issued estimates for The Macerich’s Q4 2016 earnings at $1.14 EPS, FY2017 earnings at $4.29 EPS, FY2018 earnings at $4.43 EPS and FY2021 earnings at $4.79 EPS.
The Macerich (NYSE:MAC) last announced its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $1.04 EPS for the quarter, meeting analysts’ consensus estimates of $1.04. The Macerich had a return on equity of 18.73% and a net margin of 82.09%. The company earned $253.37 million during the quarter, compared to analyst estimates of $257.87 million. During the same period in the prior year, the company earned $1.01 earnings per share. The firm’s revenue was down 22.3% on a year-over-year basis.
Other analysts have also recently issued research reports about the company. BTIG Research started coverage on The Macerich in a research report on Tuesday, January 3rd. They set a “buy” rating and a $82.00 price target for the company. Mizuho reaffirmed a “buy” rating on shares of The Macerich in a research report on Friday, December 23rd. Zacks Investment Research upgraded The Macerich from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research note on Wednesday, October 5th. TheStreet lowered The Macerich from a “buy” rating to a “hold” rating in a research note on Tuesday, November 8th. Finally, BMO Capital Markets set a $75.00 price objective on The Macerich and gave the company a “hold” rating in a research note on Thursday, January 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $83.73.
The Macerich (NYSE:MAC) opened at 69.88 on Monday. The Macerich has a 52 week low of $66.00 and a 52 week high of $94.51. The company’s 50-day moving average price is $69.76 and its 200-day moving average price is $77.69. The company has a market capitalization of $10.04 billion, a price-to-earnings ratio of 11.71 and a beta of 0.82.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Eii Capital Management Inc. boosted its position in shares of The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $205,000 after buying an additional 1,400 shares in the last quarter. Tradition Capital Management LLC bought a new position in shares of The Macerich during the second quarter valued at $1,379,000. Bank of New York Mellon Corp boosted its position in shares of The Macerich by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 3,167,891 shares of the real estate investment trust’s stock valued at $270,504,000 after buying an additional 711,058 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of The Macerich by 8.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 470,691 shares of the real estate investment trust’s stock valued at $40,192,000 after buying an additional 36,252 shares in the last quarter. Finally, Chicago Equity Partners LLC bought a new position in shares of The Macerich during the second quarter valued at $301,000. Institutional investors and hedge funds own 91.83% of the company’s stock.
In related news, EVP Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $70.00, for a total value of $105,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Dana K. Anderson acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, November 9th. The stock was purchased at an average price of $67.78 per share, for a total transaction of $677,800.00. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 8,000 shares of company stock worth $561,185. 3.54% of the stock is currently owned by insiders.
The Macerich Company Profile
The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.