The Macerich Company (NYSE:MAC) Receives $18.86 Average Target Price from Analysts

The Macerich Company (NYSE:MAC) has been given a consensus recommendation of “Reduce” by the ten research firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $18.86.

Several equities research analysts have 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 on the stock in a report on Tuesday, December 17th. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Compass Point raised their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Bank of America upped their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Macerich in a research note on Tuesday, December 17th. They set a “hold” rating and a $22.00 price objective for the company.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of 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 acquiring an additional 933 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Macerich in the 2nd quarter valued at approximately $50,000. GAMMA Investing LLC boosted its stake 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 last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Macerich during the second quarter worth approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 valued at $150,000 after acquiring an additional 2,161 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Up 0.8 %

MAC opened at $20.23 on Friday. The firm has a market cap of $5.03 billion, a P/E ratio of 51.87, a PEG ratio of 0.75 and a beta of 2.51. The business’s fifty day simple moving average is $19.88 and its 200 day simple moving average is $17.27. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27. 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 (NYSE:MAC) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) 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 firm had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. As a group, equities research analysts anticipate that Macerich will post 1.56 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

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.