Macerich Company (The) (NYSE:MAC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Macerich Company (The) (NYSE:MAC) has received a consensus rating of “Moderate Buy” from the sixteen analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $26.00.

Several analysts recently issued reports on the stock. Truist Financial boosted their price objective on shares of Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. KeyCorp increased their target price on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a “hold” rating to a “buy” rating and lifted their price target for the company from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Morgan Stanley increased their price objective on shares of Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 18th. Finally, Mizuho set a $28.00 target price on shares of Macerich in a report on Wednesday, August 5th.

Macerich Trading Down 0.5%

Shares of Macerich stock opened at $22.50 on Tuesday. The stock has a 50 day moving average of $24.61 and a 200 day moving average of $22.73. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of -34.61, a PEG ratio of 1.63 and a beta of 2.06. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67.

Macerich (NYSE:MAC) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business had revenue of $249.71 million during the quarter, compared to analysts’ expectations of $239.77 million. During the same quarter in the prior year, the firm earned $0.33 EPS. Macerich’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, research analysts predict that Macerich will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Monday, September 14th. Macerich’s dividend payout ratio (DPR) is currently -104.62%.

Insider Buying and Selling at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total value of $63,787.20. Following the completion of the sale, the chief accounting officer directly owned 847 shares of the company’s stock, valued at approximately $19,718.16. The trade was a 76.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Macerich

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its stake in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 585 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Macerich in the second quarter valued at approximately $36,000. Global Retirement Partners LLC acquired a new position in shares of Macerich in the second quarter valued at approximately $39,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Macerich during the 4th quarter worth approximately $49,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.