Analysts Set Macerich Company (The) (NYSE:MAC) Target Price at $24.92

Macerich Company (The) (NYSE:MAC) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.00.

Several equities analysts recently issued reports on MAC shares. Deutsche Bank Aktiengesellschaft raised shares of Macerich from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Evercore set a $22.00 price target on shares of Macerich in a research note on Friday, May 8th. Citigroup upgraded shares of Macerich from a “neutral” rating to a “buy” rating and lifted their price target for the company from $24.00 to $28.00 in a report on Tuesday, June 23rd. Morgan Stanley lifted their price target on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, June 18th. Finally, Jefferies Financial Group raised shares of Macerich to a “strong-buy” rating in a research note on Friday.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Centersquare Investment Management LLC increased its position in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after purchasing an additional 3,808,336 shares during the last quarter. Norges Bank bought a new stake in shares of Macerich in the 4th quarter worth about $66,924,000. Resolution Capital Ltd increased its position in shares of Macerich by 204.0% in the 1st quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock worth $82,861,000 after purchasing an additional 2,941,909 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Macerich by 139.8% in the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock worth $67,855,000 after purchasing an additional 2,142,737 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after buying an additional 2,034,338 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Trading Down 0.3%

Shares of MAC opened at $25.77 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The firm’s 50-day moving average is $22.86 and its two-hundred day moving average is $20.42. Macerich has a twelve month low of $15.88 and a twelve month high of $25.97. The firm has a market capitalization of $7.31 billion, a P/E ratio of -36.29, a PEG ratio of 1.73 and a beta of 2.10.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The business had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 earnings per share. On average, research analysts predict that Macerich will post 1.48 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. Macerich’s payout ratio is presently -95.77%.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.