Macerich (NYSE:MAC) Cut to Sell at StockNews.com

StockNews.com downgraded shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research note published on Thursday morning.

Other analysts also recently issued research reports about the stock. Bank of America increased their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. The Goldman Sachs Group increased their target price on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Compass Point increased their target price on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Evercore ISI increased their price target on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, Piper Sandler increased their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. Five analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.40.

Macerich Stock Performance

MAC opened at $19.52 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 1.68. The company’s fifty day moving average price is $17.62 and its two-hundred day moving average price is $16.05. Macerich has a 1-year low of $9.90 and a 1-year high of $20.27. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 50.05, a PEG ratio of 0.65 and a beta of 2.50.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.90). The firm had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS. On average, analysts expect that Macerich will post 1.61 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.48%. Macerich’s payout ratio is 174.36%.

Hedge Funds Weigh In On Macerich

Several large investors have recently modified their holdings of MAC. Janney Montgomery Scott LLC increased its stake in shares of Macerich by 47.0% in the first quarter. Janney Montgomery Scott LLC now owns 33,768 shares of the real estate investment trust’s stock worth $582,000 after purchasing an additional 10,790 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Macerich by 7.2% in the first quarter. Daiwa Securities Group Inc. now owns 70,098 shares of the real estate investment trust’s stock worth $1,208,000 after purchasing an additional 4,691 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Macerich in the first quarter worth about $602,000. GSA Capital Partners LLP purchased a new position in Macerich during the first quarter valued at approximately $807,000. Finally, Texas Permanent School Fund Corp grew its stake in Macerich by 1.6% during the first quarter. Texas Permanent School Fund Corp now owns 189,021 shares of the real estate investment trust’s stock valued at $3,257,000 after acquiring an additional 2,929 shares in the last quarter. Hedge funds and other 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.