Macerich Company (The) (NYSE:MAC) Receives $19.95 Consensus PT from Brokerages

Shares of Macerich Company (The) (NYSE:MAC) have been given an average rating of “Hold” by the thirteen analysts that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $19.95.

Several brokerages recently weighed in on MAC. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 27th. Scotiabank lifted their price target on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Evercore ISI boosted their price objective on shares of Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. Finally, Bank of America raised shares of Macerich from a “neutral” rating to a “buy” rating and raised their target price for the company from $19.00 to $23.00 in a research note on Friday, September 26th.

Hedge Funds Weigh In On Macerich

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after purchasing an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Macerich by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock worth $209,692,000 after buying an additional 4,868,844 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Macerich by 2.3% in the second quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock worth $105,160,000 after buying an additional 145,906 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Macerich by 40.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust’s stock valued at $105,258,000 after buying an additional 1,754,466 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Macerich by 3.6% during the first quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust’s stock valued at $74,813,000 after acquiring an additional 151,295 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Price Performance

Shares of NYSE MAC opened at $17.68 on Friday. Macerich has a 1 year low of $12.48 and a 1 year high of $21.82. The stock has a market capitalization of $4.53 billion, a P/E ratio of -11.12, a P/E/G ratio of 3.43 and a beta of 2.06. The company’s 50-day moving average is $17.33 and its 200 day moving average is $17.08. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.03 and a quick ratio of 1.03.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. The firm had revenue of $253.26 million for the quarter, compared to the consensus estimate of $246.77 million. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. On average, sell-side analysts expect that Macerich will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a yield of 3.8%. Macerich’s payout ratio is presently -42.77%.

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.