The Macerich Company (NYSE:MAC) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of The Macerich Company (NYSE:MAC) have been given a consensus recommendation of “Reduce” by the seven research firms that are presently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $14.64.

Several analysts recently weighed in on MAC shares. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Truist Financial restated a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research report on Monday, March 25th. Mizuho reduced their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a research note on Wednesday, May 1st. Compass Point reduced their price objective on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. Finally, Scotiabank cut Macerich from a “sector perform” rating to a “sector underperform” rating and lowered their price target for the stock from $16.00 to $14.00 in a report on Friday, May 17th.

Macerich Stock Up 1.9 %

NYSE MAC opened at $15.44 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. The company has a fifty day moving average of $15.08 and a two-hundred day moving average of $15.78. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -9.90, a PEG ratio of 3.12 and a beta of 2.43. Macerich has a 52 week low of $9.21 and a 52 week high of $17.69.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a $0.17 dividend. The ex-dividend date was Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.40%. Macerich’s dividend payout ratio (DPR) is -43.59%.

Insider Activity

In other news, EVP Kenneth Volk bought 5,000 shares of Macerich stock in a transaction on Friday, May 10th. The shares were bought at an average price of $15.40 per share, with a total value of $77,000.00. Following the acquisition, the executive vice president now directly owns 51,924 shares in the company, valued at approximately $799,629.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Scott W. Kingsmore acquired 6,000 shares of Macerich stock in a transaction that occurred on Thursday, May 9th. The stock was purchased at an average price of $16.06 per share, with a total value of $96,360.00. Following the completion of the transaction, the chief financial officer now owns 42,310 shares in the company, valued at $679,498.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kenneth Volk purchased 5,000 shares of Macerich stock in a transaction on Friday, May 10th. The stock was bought at an average cost of $15.40 per share, with a total value of $77,000.00. Following the transaction, the executive vice president now directly owns 51,924 shares of the company’s stock, valued at $799,629.60. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 163,365 shares of company stock worth $2,358,681. 0.53% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC grew its stake in shares of Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,308 shares during the period. Anchor Investment Management LLC acquired a new position in shares of Macerich in the 4th quarter valued at $40,000. Quest Partners LLC acquired a new position in shares of Macerich in the 4th quarter valued at $41,000. Fidelis Capital Partners LLC bought a new stake in shares of Macerich in the 1st quarter valued at $46,000. Finally, GAMMA Investing LLC bought a new stake in shares of Macerich in the 4th quarter valued at $90,000. 87.38% of the stock is currently owned by institutional investors.

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.