Macerich (NYSE:MAC) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other analysts have also recently commented on MAC. Piper Sandler upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price on the stock in a report on Thursday, May 22nd. Mizuho upgraded shares of Macerich from a “neutral” rating to an “outperform” rating and dropped their price target for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a research note on Friday, July 18th. They issued a “buy” rating and a $25.00 price target on the stock. Truist Financial upped their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Scotiabank dropped their price target on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.26.

Macerich Stock Performance

Shares of MAC stock opened at $16.51 on Friday. Macerich has a 12 month low of $12.48 and a 12 month high of $22.27. The stock has a market cap of $4.17 billion, a PE ratio of -38.39, a price-to-earnings-growth ratio of 3.12 and a beta of 2.22. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. The company’s fifty day moving average price is $16.37 and its 200-day moving average price is $16.89.

Macerich (NYSE:MAC) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The firm had revenue of $249.22 million for the quarter, compared to analysts’ expectations of $221.61 million. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s quarterly revenue was up 19.3% on a year-over-year basis. On average, equities analysts expect that Macerich will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 4.1%. Macerich’s dividend payout ratio is currently -158.14%.

Hedge Funds Weigh In On Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio lifted its stake in Macerich by 358.4% during the 2nd quarter. Strs Ohio now owns 212,700 shares of the real estate investment trust’s stock valued at $3,441,000 after acquiring an additional 166,300 shares during the period. Amalgamated Bank lifted its stake in shares of Macerich by 1.4% in the 2nd quarter. Amalgamated Bank now owns 71,834 shares of the real estate investment trust’s stock worth $1,162,000 after purchasing an additional 991 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Macerich by 5.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 38,318 shares of the real estate investment trust’s stock worth $620,000 after purchasing an additional 2,074 shares during the period. Bessemer Group Inc. lifted its stake in shares of Macerich by 4,844.6% in the 2nd quarter. Bessemer Group Inc. now owns 36,590 shares of the real estate investment trust’s stock worth $592,000 after purchasing an additional 35,850 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Macerich in the 2nd quarter worth approximately $1,199,000. Institutional investors 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.