Macerich (NYSE:MAC) Price Target Cut to $12.50 by Analysts at The Goldman Sachs Group

Macerich (NYSE:MAC) had its price target trimmed by The Goldman Sachs Group from $14.00 to $12.50 in a research note released on Monday morning, Benzinga reports. The firm currently has a sell rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the company. Scotiabank cut Macerich from a sector perform rating to a sector underperform rating and reduced their price objective for the company from $16.00 to $14.00 in a research report on Friday, May 17th. Compass Point decreased their price target on shares of Macerich from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. Truist Financial reaffirmed a hold rating and set a $16.00 price objective on shares of Macerich in a research report on Monday, March 25th. Mizuho decreased their target price on Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a research report on Wednesday, May 1st. Finally, Citigroup raised Macerich from a sell rating to a neutral rating and upped their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Macerich currently has an average rating of Hold and an average target price of $14.64.

Macerich Price Performance

NYSE MAC opened at $14.47 on Monday. The stock has a market capitalization of $3.12 billion, a PE ratio of -9.28, a P/E/G ratio of 3.00 and a beta of 2.43. The stock has a 50-day simple moving average of $15.24 and a 200 day simple moving average of $15.68. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. Macerich has a twelve month low of $9.21 and a twelve month high of $17.69.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 4.70%. Macerich’s dividend payout ratio is currently -43.59%.

Insider Buying and Selling

In other Macerich news, Director Edward C. Coppola sold 20,000 shares of Macerich stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the transaction, the director now directly owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Macerich news, Director Edward C. Coppola sold 20,000 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total transaction of $340,200.00. Following the sale, the director now directly owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Hern Thomas E. O sold 95,000 shares of Macerich stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the transaction, the director now owns 102,900 shares of the company’s stock, valued at approximately $1,743,126. The disclosure for this sale can be found here. Insiders purchased 163,365 shares of company stock worth $2,358,681 in the last 90 days. 0.53% of the stock is owned by company insiders.

Institutional Trading of Macerich

Several large investors have recently made changes to their positions in MAC. Swiss National Bank lifted its position in shares of Macerich by 1.0% during the third quarter. Swiss National Bank now owns 472,815 shares of the real estate investment trust’s stock worth $5,158,000 after purchasing an additional 4,700 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Macerich by 4.3% in the third quarter. Van ECK Associates Corp now owns 25,312 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 1,049 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Macerich by 21.9% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 27,429 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 4,927 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Macerich by 2.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 388,714 shares of the real estate investment trust’s stock worth $4,241,000 after buying an additional 10,791 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Macerich by 15.3% in the 3rd quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock valued at $6,323,000 after buying an additional 76,888 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.