Analysts Set Macerich Company (The) (NYSE:MAC) PT at $19.76

Macerich Company (The) (NYSE:MAC) has earned an average recommendation of “Hold” from the twelve analysts that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $19.7636.

MAC has been the topic of several analyst reports. Scotiabank boosted their target price on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Macerich in a research report on Monday, December 15th. Mizuho set a $21.00 price objective on shares of Macerich in a research note on Friday, January 9th. Finally, Truist Financial upped their target price on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th.

Macerich Trading Up 2.4%

NYSE:MAC opened at $20.25 on Friday. The firm has a market capitalization of $5.19 billion, a P/E ratio of -26.29, a PEG ratio of 4.51 and a beta of 2.16. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.03. Macerich has a one year low of $12.48 and a one year high of $20.65. The company’s 50-day simple moving average is $18.68 and its 200 day simple moving average is $17.94.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The business had revenue of $261.70 million for the quarter, compared to the consensus estimate of $260.48 million. During the same period in the prior year, the business posted $0.47 EPS. Macerich’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, analysts forecast that Macerich will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 annualized dividend and a yield of 3.4%. Macerich’s dividend payout ratio is -88.31%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. JPMorgan Chase & Co. boosted its position in 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 purchasing an additional 4,868,844 shares during the last quarter. Centersquare Investment Management LLC lifted its stake 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 period. Norges Bank purchased a new position in shares of Macerich in the fourth quarter worth approximately $66,924,000. Wellington Management Group LLP grew its position in Macerich by 139.8% during the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after buying an additional 2,142,737 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Macerich by 435.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,724,727 shares of the real estate investment trust’s stock valued at $31,390,000 after buying an additional 1,402,627 shares during the period. 87.38% of the stock is owned by institutional investors.

Macerich Company Profile

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.