Macerich (NYSE:MAC) Rating Increased to Sector Outperform at Scotiabank

Scotiabank upgraded shares of Macerich (NYSE:MAC) from a sector perform rating to a sector outperform rating in a research report report published on Monday morning, MarketBeat Ratings reports. They currently have $22.00 price target on the real estate investment trust’s stock, up from their previous price target of $19.00.

A number of other equities research analysts also recently weighed in on MAC. JPMorgan Chase & Co. boosted their price target on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Tuesday, March 10th. Truist Financial raised their price objective on Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Mizuho set a $21.00 price objective on shares of Macerich in a report on Friday, January 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Finally, Citigroup increased their target price on shares of Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.69.

Macerich Stock Performance

Shares of MAC stock opened at $18.48 on Monday. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of -24.00, a PEG ratio of 1.26 and a beta of 2.17. Macerich has a one year low of $12.48 and a one year high of $20.93. The company’s 50-day simple moving average is $19.06 and its 200-day simple moving average is $18.21. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share 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 firm had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. During the same period in the prior year, the firm earned $0.47 earnings per share. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. Equities analysts anticipate that Macerich will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Monday, March 16th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.68 annualized dividend and a dividend yield of 3.7%. Macerich’s dividend payout ratio (DPR) is -88.31%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC lifted its stake 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 during the last quarter. Corient Private Wealth LLC bought a new position in shares of Macerich during the fourth quarter worth about $215,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Macerich during the fourth quarter worth about $49,000. Invesco Ltd. increased its holdings in shares of Macerich by 1.7% in the 4th quarter. Invesco Ltd. now owns 613,957 shares of the real estate investment trust’s stock worth $11,334,000 after acquiring an additional 10,287 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of Macerich in the 4th quarter worth about $192,000. 87.38% of the stock is currently owned by institutional investors.

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.