Macerich Co (MAC) reported quarterly earnings results on Monday, Aug-1-2016. The company said it had a profit of $1.02 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.04. Analysts had a consensus of $0.98. The company posted revenue of $259.90 million in the period, compared to analysts expectations of $248.81 million. The company’s revenue was down -19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS.
Many Wall Street Analysts have commented on Macerich Co. Company shares were Upgraded by RBC Capital Mkts on May 6, 2016 to ” Outperform”, Firm has raised the Price Target to $ 87 from a previous price target of $82 .
Macerich Co opened for trading at $88.94 and hit $90.26 on the upside on Friday, eventually ending the session at $89.24, with a gain of 0.13% or 0.12 points. The heightened volatility saw the trading volume jump to 15,04,327 shares. Company has a market cap of $13,251 M.
Investors should note that on Jul 22, 2016, Macerich Co announced a cash dividend of $0.6800. The company’s management has announced Aug 17, 2016 as the ex-dividend date and fixed the record date on Aug 19, 2016. The payable date has been fixed on Sep 8, 2016.
In a different news, on Jul 5, 2016, Robert D Perlmutter (Senior EVP and COO) sold 1,500 shares at $85.49 per share price. According to the SEC, on Jun 17, 2016, Hern Thomas E O (Senior EVP, Treasurer & CFO) sold 5,000 shares at $79.03 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.