Macerich (NYSE:MAC) Rating Increased to Outperform at Mizuho

Mizuho upgraded shares of Macerich (NYSE:MAC) from a neutral rating to an outperform rating in a research report sent to investors on Tuesday morning, MarketBeat reports. They currently have $18.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $22.00.

A number of other equities analysts have also commented on the stock. Truist Financial raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. decreased their price objective on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, March 10th. Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a research note on Thursday, May 22nd. Scotiabank decreased their target price on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group decreased their target price on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research note on Monday, March 10th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Macerich presently has a consensus rating of “Hold” and an average target price of $18.78.

Macerich Trading Up 1.6%

Macerich stock opened at $16.70 on Tuesday. The company has a 50 day moving average price of $15.09 and a 200 day moving average price of $18.03. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 42.81, a P/E/G ratio of 0.71 and a beta of 2.17.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $249.22 million during the quarter, compared to analyst estimates of $221.61 million. During the same quarter last year, the business posted $0.33 EPS. The company’s revenue was up 19.3% on a year-over-year basis. Research analysts forecast that Macerich will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich’s payout ratio is presently -158.14%.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently modified their holdings of MAC. FMR LLC lifted its stake in shares of Macerich by 87.3% in the 4th quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust’s stock valued at $439,192,000 after purchasing an additional 10,274,895 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Macerich by 845.9% in the 4th quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust’s stock valued at $200,222,000 after purchasing an additional 8,988,665 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Macerich by 13.2% in the 4th quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock valued at $769,260,000 after purchasing an additional 4,503,509 shares during the last quarter. Bamco Inc. NY lifted its stake in shares of Macerich by 175.8% in the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust’s stock valued at $93,135,000 after purchasing an additional 2,980,051 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in shares of Macerich by 463.6% in the 4th quarter. Prudential Financial Inc. now owns 2,590,689 shares of the real estate investment trust’s stock valued at $51,607,000 after purchasing an additional 2,131,030 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

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.