Piper Sandler Increases Macerich (NYSE:MAC) Price Target to $17.00

Macerich (NYSE:MAC) had its price target increased by Piper Sandler from $14.00 to $17.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an underweight rating on the real estate investment trust’s stock.

Other research analysts have also issued research reports about the company. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Evercore ISI lifted their price target on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Compass Point increased their price objective on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Finally, Bank of America increased their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.62.

Macerich Stock Performance

Shares of Macerich stock opened at $21.50 on Wednesday. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27. The firm has a market capitalization of $5.34 billion, a P/E ratio of 55.12, a P/E/G ratio of 0.74 and a beta of 2.51. 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 business has a fifty day simple moving average of $19.52 and a two-hundred day simple moving average of $16.97.

Macerich (NYSE:MAC) last issued its quarterly earnings results 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 business had revenue of $220.20 million for 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 company’s revenue was up .9% on a year-over-year basis. During the same period last year, the business earned $0.44 earnings per share. On average, equities analysts forecast that Macerich will post 1.56 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.16%. Macerich’s payout ratio is 174.36%.

Institutional Trading of Macerich

Large investors have recently modified their holdings of the company. FMR LLC boosted its position in Macerich by 12,475.9% in the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock worth $214,738,000 after purchasing an additional 11,679,276 shares during the last quarter. Bamco Inc. NY boosted its holdings in shares of Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock worth $30,924,000 after buying an additional 1,494,145 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Macerich by 399.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock valued at $28,206,000 after buying an additional 1,236,983 shares during the period. Smead Capital Management Inc. grew its position in Macerich by 3.5% during the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after buying an additional 688,790 shares during the period. Finally, Sei Investments Co. purchased a new stake in Macerich during the second quarter valued at approximately $10,625,000. 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.