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Macerich (MAC) Soars 8.0%: Is Further Upside Left in the Stock?
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Macerich (MAC - Free Report) shares ended the last trading session 8% higher at $14.58. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
This increased optimism stems from the favorable fundamentals of the retail real estate market and the broader sector.
This shopping center real estate investment trust is expected to post quarterly funds from operations (FFO) of $0.55 per share in its upcoming report, which represents a year-over-year change of +3.8%. Revenues are expected to be $241.87 million, up 6% from the year-ago quarter.
While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.
For Macerich, the consensus FFO per share estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in FFO estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MAC going forward to see if this recent jump can turn into more strength down the road.
Macerich belongs to the Zacks REIT and Equity Trust - Retail industry. Another stock from the same industry, Simon Property (SPG - Free Report) , closed the last trading session 3.6% higher at $139.26. Over the past month, SPG has returned 11.3%.
For Simon Property, the consensus FFO per share estimate for the upcoming report has changed +0.2% over the past month to $3.33. This represents a change of +5.7% from what the company reported a year ago. Simon Property currently has a Zacks Rank of #3 (Hold).
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Macerich (MAC) Soars 8.0%: Is Further Upside Left in the Stock?
Macerich (MAC - Free Report) shares ended the last trading session 8% higher at $14.58. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
This increased optimism stems from the favorable fundamentals of the retail real estate market and the broader sector.
This shopping center real estate investment trust is expected to post quarterly funds from operations (FFO) of $0.55 per share in its upcoming report, which represents a year-over-year change of +3.8%. Revenues are expected to be $241.87 million, up 6% from the year-ago quarter.
While FFO and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in FFO estimate revisions and near-term stock price movements.
For Macerich, the consensus FFO per share estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in FFO estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on MAC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Macerich belongs to the Zacks REIT and Equity Trust - Retail industry. Another stock from the same industry, Simon Property (SPG - Free Report) , closed the last trading session 3.6% higher at $139.26. Over the past month, SPG has returned 11.3%.
For Simon Property, the consensus FFO per share estimate for the upcoming report has changed +0.2% over the past month to $3.33. This represents a change of +5.7% from what the company reported a year ago. Simon Property currently has a Zacks Rank of #3 (Hold).