Macerich (NYSE:MAC) Given New $19.00 Price Target at JPMorgan Chase & Co.

Macerich (NYSE:MAC) had its price target boosted by JPMorgan Chase & Co. from $18.00 to $19.00 in a research note released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the real estate investment trust’s stock.

Several other brokerages have also weighed in on MAC. The Goldman Sachs Group lifted their price objective on Macerich from $15.00 to $17.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. Jefferies Financial Group restated a “buy” rating and issued a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. KeyCorp set a $25.00 target price on Macerich and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Finally, Truist Financial boosted their price target on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.46.

Macerich Stock Up 1.1%

Shares of MAC opened at $19.43 on Tuesday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50-day simple moving average of $18.99 and a 200-day simple moving average of $18.17. Macerich has a 52 week low of $12.48 and a 52 week high of $20.93. The firm has a market capitalization of $4.99 billion, a P/E ratio of -25.24, a P/E/G ratio of 1.32 and a beta of 2.17.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The firm had revenue of $261.70 million for the quarter, compared to analyst estimates of $260.48 million. During the same period last year, the business earned $0.47 earnings per share. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts expect that Macerich will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.5%. Macerich’s dividend payout ratio (DPR) is presently -88.31%.

Institutional Investors Weigh In On Macerich

Several large investors have recently made changes to their positions in MAC. Corient Private Wealth LLC acquired a new stake in shares of Macerich during the 4th quarter worth about $215,000. Hsbc Holdings PLC boosted its position in Macerich by 19.6% in the fourth quarter. Hsbc Holdings PLC now owns 853,351 shares of the real estate investment trust’s stock valued at $15,751,000 after buying an additional 140,121 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Macerich during the fourth quarter worth about $49,000. Invesco Ltd. grew its stake in Macerich by 1.7% during the fourth quarter. Invesco Ltd. now owns 613,957 shares of the real estate investment trust’s stock worth $11,334,000 after buying an additional 10,287 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Macerich during the fourth quarter worth approximately $192,000. Institutional investors own 87.38% of the company’s stock.

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.