Brokerages Set The Macerich Company (NYSE:MAC) PT at $16.40

Shares of The Macerich Company (NYSE:MAC) have been assigned an average rating of “Reduce” from the nine analysts that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $16.40.

A number of brokerages have recently weighed in on MAC. Bank of America raised their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Piper Sandler upped their price objective on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 3rd. Evercore ISI raised their target price on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group upped their price target on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th.

Macerich Price Performance

Shares of NYSE MAC opened at $21.21 on Wednesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $4.78 billion, a price-to-earnings ratio of 54.38, a price-to-earnings-growth ratio of 0.72 and a beta of 2.50. The stock’s 50-day moving average is $18.78 and its two-hundred day moving average is $16.56. Macerich has a 1-year low of $11.30 and a 1-year high of $21.71.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share 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 firm had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up .9% on a year-over-year basis. Analysts forecast that Macerich will post 1.58 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a $0.17 dividend. The ex-dividend date 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 174.36%.

Hedge Funds Weigh In On Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 933 shares during the period. Quest Partners LLC purchased a new stake in shares of Macerich during the second quarter worth approximately $50,000. GAMMA Investing LLC lifted its holdings in shares of 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. purchased a new position in Macerich in the 2nd quarter valued at $129,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Macerich by 34.8% in the 3rd 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 buying 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.