Macerich (NYSE:MAC) Upgraded at Mizuho

Mizuho upgraded shares of Macerich (NYSE:MAC) from a neutral rating to an outperform rating in a research note released on Tuesday morning, MarketBeat Ratings reports. They currently have $18.00 target price on the real estate investment trust’s stock, down from their previous target price of $22.00.

MAC has been the topic of several other reports. The Goldman Sachs Group dropped their price target on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research note on Monday, March 10th. Scotiabank lowered their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler raised Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a report on Thursday, May 22nd. JPMorgan Chase & Co. cut their price target on Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, March 10th. Finally, Truist Financial lifted their price target on Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.78.

Macerich Trading Down 1.4%

Shares of MAC stock opened at $16.01 on Tuesday. The company’s 50-day moving average price is $15.16 and its 200-day moving average price is $17.99. 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 stock has a market cap of $4.04 billion, a price-to-earnings ratio of 41.05, a PEG ratio of 0.71 and a beta of 2.17. Macerich has a twelve month low of $12.48 and a twelve month high of $22.27.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to analysts’ expectations of $221.61 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company’s revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 earnings per share. As a group, equities analysts predict that Macerich will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.25%. Macerich’s dividend payout ratio is -158.14%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its holdings in Macerich by 314.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after purchasing an additional 2,630 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Macerich by 20.4% during the 4th quarter. Van ECK Associates Corp now owns 44,843 shares of the real estate investment trust’s stock worth $893,000 after purchasing an additional 7,608 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in Macerich by 2.2% during the 4th quarter. New York State Teachers Retirement System now owns 183,508 shares of the real estate investment trust’s stock worth $3,655,000 after purchasing an additional 3,979 shares during the last quarter. FIL Ltd lifted its holdings in Macerich by 4.7% during the 4th quarter. FIL Ltd now owns 1,158,518 shares of the real estate investment trust’s stock worth $23,078,000 after purchasing an additional 51,994 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Macerich by 7.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,162,987 shares of the real estate investment trust’s stock worth $43,087,000 after purchasing an additional 142,566 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

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.