Jefferies Financial Group Upgrades Macerich (NYSE:MAC) to Buy

Jefferies Financial Group upgraded shares of Macerich (NYSE:MAC) from a hold rating to a buy rating in a research report released on Thursday, MarketBeat reports. Jefferies Financial Group currently has $23.00 price target on the real estate investment trust’s stock, up from their previous price target of $19.00.

A number of other research firms have also recently weighed in on MAC. Scotiabank raised Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective on the stock in a research report on Tuesday, December 17th. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Piper Sandler increased their price objective on shares of Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 11th. Compass Point raised their price objective on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Bank of America upped their target price on shares of Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Macerich presently has an average rating of “Hold” and a consensus target price of $19.24.

Macerich Stock Up 1.6 %

MAC opened at $20.24 on Thursday. The firm’s 50 day simple moving average is $20.10 and its two-hundred day simple moving average is $17.50. The company has a market capitalization of $5.03 billion, a PE ratio of 51.90, a PEG ratio of 0.75 and a beta of 2.51. Macerich has a 1-year low of $12.99 and a 1-year high of $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. During the same period in the prior year, the business posted $0.44 earnings per share. Macerich’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities analysts forecast that Macerich will post 1.56 EPS for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Insider Transactions at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the transaction, the director now directly owns 83,479 shares of the company’s stock, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in shares of Macerich by 152.2% in the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 933 shares during the last quarter. Quest Partners LLC bought a new position in shares of Macerich during the 2nd quarter valued at approximately $50,000. GAMMA Investing LLC raised its holdings in Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after buying an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Macerich in the second quarter worth $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Macerich by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 2,161 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.