Macerich (NYSE:MAC) Research Coverage Started at BNP Paribas Exane

BNP Paribas Exane started coverage on shares of Macerich (NYSE:MAC) in a research note released on Friday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $28.00 price target on the real estate investment trust’s stock.

MAC has been the subject of several other reports. Scotiabank upped their target price on Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a report on Thursday, June 18th. Griffin Securities set a $26.00 price target on Macerich in a research report on Tuesday, August 18th. The Goldman Sachs Group reiterated a “sell” rating and set a $21.00 price target on shares of Macerich in a report on Tuesday, September 1st. Morgan Stanley boosted their price objective on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 18th. Finally, Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.44.

Macerich Stock Up 0.1%

Macerich stock opened at $22.28 on Friday. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. 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’s 50-day simple moving average is $23.51 and its 200 day simple moving average is $23.16. The stock has a market cap of $6.32 billion, a PE ratio of -34.27, a price-to-earnings-growth ratio of 1.60 and a beta of 2.10.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $249.71 million during the quarter, compared to analysts’ expectations of $239.77 million. During the same quarter last year, the business posted $0.33 EPS. The company’s quarterly revenue was up .0% on a year-over-year basis. Research analysts predict that Macerich will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 14th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, September 14th. Macerich’s dividend payout ratio (DPR) is -104.62%.

Insider Buying and Selling

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the sale, the chief accounting officer 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MAC. Quantbot Technologies LP bought a new stake in shares of Macerich in the 2nd quarter worth approximately $1,476,000. Quantinno Capital Management LP lifted its stake in Macerich by 165.6% in the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after purchasing an additional 87,626 shares during the last quarter. Wealth Science Advisors LLC purchased a new position in Macerich in the second quarter valued at approximately $1,051,000. Bank of New York Mellon Corp purchased a new position in Macerich in the second quarter valued at approximately $59,962,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Macerich by 16,284.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust’s stock valued at $45,525,000 after purchasing an additional 1,796,223 shares during the period. 87.38% of the stock is owned by institutional investors.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich’s properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.