Macerich Company (The) (NYSE:MAC) Receives Average Recommendation of “Hold” from Brokerages

Shares of Macerich Company (The) (NYSE:MAC) have been given an average rating of “Hold” by the fourteen research firms that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $20.4615.

A number of research firms recently weighed in on MAC. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Macerich in a research report on Monday, December 15th. Truist Financial upped their price objective on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. KeyCorp set a $25.00 target price on shares of Macerich and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Citigroup increased their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th.

Institutional Trading of Macerich

Several hedge funds have recently modified their holdings of the business. Nordea Investment Management AB purchased a new stake in shares of Macerich during the 3rd quarter worth $5,326,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Macerich by 35.0% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 724,233 shares of the real estate investment trust’s stock worth $13,181,000 after purchasing an additional 187,900 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Macerich by 39.2% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 388,219 shares of the real estate investment trust’s stock valued at $7,066,000 after purchasing an additional 109,413 shares in the last quarter. Centersquare Investment Management LLC lifted its stake in shares of Macerich by 8.9% in the third quarter. Centersquare Investment Management LLC now owns 2,546,325 shares of the real estate investment trust’s stock valued at $46,343,000 after purchasing an additional 207,395 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Macerich by 1,110.2% in the third quarter. SG Americas Securities LLC now owns 185,832 shares of the real estate investment trust’s stock valued at $3,382,000 after purchasing an additional 170,477 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Performance

NYSE MAC opened at $18.95 on Tuesday. The firm has a market cap of $4.86 billion, a P/E ratio of -24.61, a P/E/G ratio of 1.29 and a beta of 2.17. Macerich has a 52-week low of $12.48 and a 52-week high of $20.93. The business’s 50-day moving average price is $19.02 and its 200 day moving average price is $18.19. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.01.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate 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 company had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. During the same period in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was down 4.4% on a year-over-year basis. On average, equities research analysts expect that Macerich will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 16th. This represents a $0.68 annualized dividend and a yield of 3.6%. Macerich’s payout ratio is presently -88.31%.

About Macerich

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.