The Macerich Company (NYSE:MAC) Receives $16.40 Consensus PT from Analysts

Shares of The Macerich Company (NYSE:MAC) have been given a consensus recommendation of “Reduce” by the nine brokerages that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $16.40.

MAC has been the topic of a number of recent research reports. Evercore ISI lifted their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Bank of America lifted their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Piper Sandler increased their target price on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group lifted their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Finally, Compass Point increased their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. raised its holdings in Macerich by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock valued at $5,029,000 after acquiring an additional 700 shares during the period. Lodestone Wealth Management LLC lifted its holdings in Macerich by 0.6% during the 3rd quarter. Lodestone Wealth Management LLC now owns 154,082 shares of the real estate investment trust’s stock worth $2,810,000 after purchasing an additional 859 shares during the last quarter. Townsquare Capital LLC boosted its stake in Macerich by 7.2% in the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock valued at $245,000 after purchasing an additional 902 shares during the period. GAMMA Investing LLC grew its holdings in Macerich by 40.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after buying an additional 933 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 933 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Price Performance

NYSE MAC opened at $21.21 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a 52-week low of $11.30 and a 52-week high of $21.71. The business has a 50 day simple moving average of $18.71 and a 200 day simple moving average of $16.52. The stock has a market cap of $4.78 billion, a price-to-earnings ratio of 54.39, a PEG ratio of 0.72 and a beta of 2.50.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to analyst estimates of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 earnings per share. Analysts anticipate that Macerich will post 1.59 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

About Macerich

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.