Macerich (NYSE:MAC) Given New $18.00 Price Target at JPMorgan Chase & Co.

Macerich (NYSE:MAC) had its price target decreased by JPMorgan Chase & Co. from $22.00 to $18.00 in a report published on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the real estate investment trust’s stock.

MAC has been the subject of several other reports. Piper Sandler cut their target price on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on Macerich in a research report on Tuesday, December 17th. They set a “hold” rating and a $22.00 price objective for the company. Scotiabank decreased their target price on Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 6th. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Finally, Jefferies Financial Group upgraded shares of Macerich from a “hold” rating to a “buy” rating and raised their price target for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Macerich has a consensus rating of “Hold” and a consensus price target of $19.03.

Macerich Trading Down 5.8 %

Shares of Macerich stock opened at $15.91 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 12-month low of $12.99 and a 12-month high of $22.27. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 40.79, a PEG ratio of 0.71 and a beta of 2.62. The firm’s 50-day moving average price is $19.92 and its two-hundred day moving average price is $19.05.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.28%. The ex-dividend date is Tuesday, March 4th. Macerich’s payout ratio is presently -86.08%.

Insider Buying and Selling at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total value of $1,303,120.51. Following the sale, the director now directly owns 83,479 shares of the company’s stock, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

Hedge funds have recently bought and sold shares of the company. FMR LLC raised its position in shares of Macerich by 12,475.9% in the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock worth $214,738,000 after acquiring an additional 11,679,276 shares in the last quarter. Wellington Management Group LLP grew its holdings in Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust’s stock worth $200,222,000 after purchasing an additional 8,988,665 shares during the period. Vanguard Group Inc. increased its stake in Macerich by 13.2% in the fourth quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock valued at $769,260,000 after purchasing an additional 4,503,509 shares in the last quarter. Bamco Inc. NY increased its stake in Macerich by 175.8% in the fourth quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust’s stock valued at $93,135,000 after purchasing an additional 2,980,051 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Macerich by 463.6% during the fourth quarter. Prudential Financial Inc. now owns 2,590,689 shares of the real estate investment trust’s stock valued at $51,607,000 after purchasing an additional 2,131,030 shares during the period. 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.