Macerich (NYSE:MAC) Trading Down 6.5%

Macerich Co (NYSE:MAC)’s stock price fell 6.5% during mid-day trading on Friday . The company traded as low as $7.62 and last traded at $7.63, 6,589,027 shares were traded during mid-day trading. An increase of 3% from the average session volume of 6,390,927 shares. The stock had previously closed at $8.16.

A number of brokerages recently issued reports on MAC. Wells Fargo & Co decreased their price objective on shares of Macerich from $26.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank decreased their price objective on shares of Macerich from $16.00 to $8.00 and set a “hold” rating on the stock in a research note on Monday, July 27th. ValuEngine raised shares of Macerich from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 2nd. Evercore ISI cut shares of Macerich from an “in-line” rating to an “underperform” rating in a research note on Monday, June 15th. Finally, Compass Point initiated coverage on shares of Macerich in a research note on Thursday, June 4th. They set a “neutral” rating and a $9.00 target price on the stock. Eight equities research analysts have rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Macerich has an average rating of “Hold” and an average target price of $16.08.

The company has a quick ratio of 3.05, a current ratio of 3.05 and a debt-to-equity ratio of 2.19. The company has a market cap of $1.08 billion, a P/E ratio of 11.22 and a beta of 1.80. The firm’s 50 day moving average is $8.56 and its two-hundred day moving average is $12.53.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Tuesday, May 12th. The real estate investment trust reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.03. Macerich had a net margin of 10.40% and a return on equity of 3.38%. The company had revenue of $227.00 million for the quarter, compared to analysts’ expectations of $214.96 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Macerich’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts forecast that Macerich Co will post 2.45 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Wednesday, August 19th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $0.60 annualized dividend and a dividend yield of 7.86%. Macerich’s dividend payout ratio is 11.30%.

Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its holdings in Macerich by 151.8% in the first quarter. Tower Research Capital LLC TRC now owns 10,282 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 6,199 shares during the period. US Bancorp DE lifted its holdings in Macerich by 95.8% in the first quarter. US Bancorp DE now owns 10,913 shares of the real estate investment trust’s stock valued at $61,000 after buying an additional 5,339 shares during the period. Jeereddi Investments LP acquired a new position in Macerich in the first quarter valued at $62,000. Argent Wealth Management LLC acquired a new position in Macerich in the first quarter valued at $64,000. Finally, Wetherby Asset Management Inc. acquired a new position in Macerich in the first quarter valued at $66,000. 89.30% of the stock is currently owned by institutional investors.

About Macerich (NYSE:MAC)

Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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