Macerich Co (MAC) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $0.87 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.86. The company posted revenue of $256.00 million in the period, compared to analysts expectations of $269.52 million. The company’s revenue was down -19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS.
Many Wall Street Analysts have commented on Macerich Co. Mizuho Initiated Macerich Co on Apr 14, 2016 to “Neutral”, Price Target of the shares are set at $88.Macerich Co was Downgraded by BofA/Merrill to ” Neutral” on Mar 28, 2016.
Macerich Co opened for trading at $76.35 and hit $77.69 on the upside on Monday, eventually ending the session at $77.47, with a gain of 1.83% or 1.39 points. The heightened volatility saw the trading volume jump to 8,48,574 shares. Company has a market cap of $11,555 M.
In a different news, on Apr 15, 2016, Hern Thomas E O (Senior EVP, Treasurer & CFO) sold 5,000 shares at $78.85 per share price. According to the SEC, on Apr 5, 2016, Robert D Perlmutter (Senior EVP and COO) sold 1,500 shares at $79.53 per share price. On Mar 9, 2016, Thomas J. Leanse (Senior EVP, CLO & Secretary) sold 17,166 shares at $78.84 per share price, according to the Form-4 filing with the securities and exchange commission.
The Macerich Company is a self-managed and self-administered real estate investment trust (REIT). The Company is engaged in the acquisition ownership development redevelopment management and leasing of regional and community/power shopping centers located throughout the United States. The Company through its partnership and ownership interests in the Macerich Partnership L.P. has an ownership interest in 51 regional shopping centers and eight community/power shopping centers. These 59 regional and community/power shopping centers (which include any related office space) consist of approximately 55 million square feet of gross leasable area (GLA). The Centers primarily included 194 Anchors totaling approximately 28 million square feet of GLA and approximately 6000 Mall Stores and Freestanding Stores totaling approximately 26 million square feet of GLA.