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

The Macerich Company (NYSE:MAC) has been assigned a consensus recommendation of “Reduce” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $16.40.

Several brokerages recently weighed in on MAC. Bank of America upped their price objective on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Compass Point raised their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Finally, Piper Sandler increased their price target on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd.

Institutional Trading of Macerich

Several institutional investors have recently added to or reduced their stakes in MAC. Blue Trust Inc. lifted its position in shares of Macerich by 152.2% in the 3rd 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 period. Quest Partners LLC bought a new position in Macerich during the second quarter worth $50,000. GAMMA Investing LLC lifted its holdings in Macerich by 40.9% in the third 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. bought a new stake in Macerich during the second quarter valued at $129,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Macerich by 34.8% during the 3rd 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 Stock Performance

NYSE:MAC opened at $21.10 on Wednesday. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 54.10, a PEG ratio of 0.72 and a beta of 2.51. The stock has a fifty day moving average price of $18.85 and a 200-day moving average price of $16.60. Macerich has a fifty-two week low of $11.94 and a fifty-two week high of $21.71. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Macerich (NYSE:MAC) last announced its quarterly earnings data 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). The firm had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business’s revenue was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.44 earnings per share. As a group, equities analysts anticipate that Macerich will post 1.58 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were paid a $0.17 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.22%. Macerich’s payout ratio is 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.