Macerich (NYSE:MAC) Upgraded by Jefferies Financial Group to Buy Rating

Jefferies Financial Group upgraded shares of Macerich (NYSE:MAC) from a hold rating to a buy rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm 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 equities analysts also recently issued reports on the company. Scotiabank upgraded Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective for the company in a report on Tuesday, December 17th. Mizuho upgraded shares of Macerich from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $22.00 in a research note on Wednesday, December 4th. Compass Point lifted their price target 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. The Goldman Sachs Group upped their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Finally, Piper Sandler lifted their target price on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.24.

Macerich Stock Up 1.6 %

Shares of Macerich stock opened at $20.24 on Thursday. The company’s fifty day simple moving average is $20.10 and its two-hundred day simple moving average is $17.50. Macerich has a 12-month low of $12.99 and a 12-month 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. The company has a market cap of $5.03 billion, a P/E ratio of 51.90, a PEG ratio of 0.75 and a beta of 2.51.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (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 previous year, the company earned $0.44 earnings per share. Macerich’s quarterly revenue was up .9% on a year-over-year basis. Research analysts anticipate that Macerich will post 1.56 EPS for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were issued a $0.17 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.36%. Macerich’s payout ratio is currently 174.36%.

Insider Activity at Macerich

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was 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 owns 83,479 shares of the company’s stock, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by insiders.

Institutional Trading of Macerich

A number of large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in Macerich by 152.2% in the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 933 shares during the last quarter. Quest Partners LLC purchased a new stake in Macerich during the 2nd quarter valued at $50,000. GAMMA Investing LLC lifted its holdings in shares of 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. purchased a new position in shares of Macerich in the 2nd quarter worth $129,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings 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 worth $150,000 after acquiring an additional 2,161 shares during the period. 87.38% of the stock is currently owned by institutional investors.

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.