The Macerich Company (NYSE:MAC) Given Average Rating of “Reduce” by Analysts

Shares of The Macerich Company (NYSE:MAC) have been assigned a consensus rating of “Reduce” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $16.40.

MAC has been the topic of several research reports. The Goldman Sachs Group raised their price objective on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Bank of America raised their price target on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Piper Sandler increased their target price on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Evercore ISI raised their target price 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, Compass Point upped their price target 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.

Macerich Stock Up 3.1 %

Shares of MAC opened at $20.94 on Wednesday. The firm has a fifty day moving average price of $18.46 and a 200-day moving average price of $16.41. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $4.72 billion, a P/E ratio of 53.69, a P/E/G ratio of 0.67 and a beta of 2.50. Macerich has a 12-month low of $10.75 and a 12-month high of $21.40.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). The company 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%. Macerich’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.44 earnings per share. Equities research analysts expect that Macerich will post 1.59 earnings per share for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.25%. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Institutional Investors Weigh In On Macerich

Several institutional investors have recently bought and sold shares of the company. Blue Trust Inc. boosted 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 in the last quarter. Quest Partners LLC purchased a new stake in Macerich in the second quarter valued at about $50,000. GAMMA Investing LLC boosted 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 worth $59,000 after acquiring an additional 933 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Macerich during the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Macerich by 34.8% during 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. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.