The Macerich Company (NYSE:MAC) Receives Average Rating of “Reduce” from Analysts

Shares of The Macerich Company (NYSE:MAC) have received a consensus rating of “Reduce” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $16.40.

MAC has been the subject of several research reports. The Goldman Sachs Group upped their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Compass Point increased their price target on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler upped their target price on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Bank of America lifted their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Finally, StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th.

Macerich Price Performance

Shares of Macerich stock opened at $21.21 on Wednesday. The stock has a market capitalization of $4.78 billion, a P/E ratio of 54.38, a PEG ratio of 0.72 and a beta of 2.50. The business has a 50 day simple moving average of $18.78 and a two-hundred day simple moving average of $16.56. Macerich has a 12 month low of $11.30 and a 12 month high of $21.71. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same period in the prior year, the company posted $0.44 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, analysts predict that Macerich will post 1.58 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.21%. Macerich’s payout ratio is currently 174.36%.

Institutional Trading of Macerich

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. raised 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 valued at $28,000 after buying an additional 933 shares during the period. Quest Partners LLC acquired a new position in Macerich in the 2nd quarter valued at about $50,000. GAMMA Investing LLC increased its stake in Macerich by 40.9% during the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Macerich during the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 valued at $150,000 after purchasing an additional 2,161 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

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.