Shares of The Macerich Company (NYSE:MAC – Get Rating) have been assigned an average recommendation of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $19.09.
A number of research firms recently issued reports on MAC. Deutsche Bank Aktiengesellschaft dropped their price objective on Macerich from $27.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, March 31st. Wells Fargo & Company decreased their target price on Macerich from $17.00 to $15.00 and set an “underweight” rating for the company in a research report on Thursday, April 7th. Piper Sandler lowered Macerich from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $18.00 to $14.00 in a research report on Monday, April 18th. The Goldman Sachs Group decreased their target price on Macerich from $13.50 to $12.00 and set a “sell” rating for the company in a research report on Friday, May 20th. Finally, Morgan Stanley decreased their target price on Macerich from $14.75 to $14.00 and set an “underweight” rating for the company in a research report on Monday, March 7th.
In related news, President Edward C. Coppola bought 2,100 shares of the stock in a transaction dated Thursday, March 31st. The shares were purchased at an average price of $15.90 per share, for a total transaction of $33,390.00. Following the completion of the purchase, the president now directly owns 475,739 shares of the company’s stock, valued at $7,564,250.10. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hern Thomas E. O bought 10,000 shares of the stock in a transaction dated Thursday, March 24th. The stock was bought at an average price of $14.62 per share, for a total transaction of $146,200.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 22,100 shares of company stock worth $329,390 over the last ninety days. 1.77% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of MAC. EverSource Wealth Advisors LLC increased its holdings in Macerich by 450.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,619 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 1,325 shares in the last quarter. Whittier Trust Co. boosted its stake in Macerich by 201.1% during the 1st quarter. Whittier Trust Co. now owns 2,246 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 1,500 shares during the last quarter. West Bancorporation Inc. acquired a new stake in Macerich during the 4th quarter worth $40,000. Spire Wealth Management boosted its stake in Macerich by 106.6% during the 4th quarter. Spire Wealth Management now owns 2,424 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 1,251 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Macerich during the 4th quarter worth $53,000. Hedge funds and other institutional investors own 84.57% of the company’s stock.
Shares of MAC stock opened at $11.82 on Monday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 1.44. Macerich has a 52 week low of $10.97 and a 52 week high of $22.88. The stock has a market cap of $2.54 billion, a P/E ratio of 59.10, a PEG ratio of 1.44 and a beta of 1.88. The company’s fifty day simple moving average is $13.62 and its two-hundred day simple moving average is $15.90.
Macerich (NYSE:MAC – Get Rating) last posted its quarterly earnings data on Monday, May 9th. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.63). Macerich had a net margin of 4.66% and a return on equity of 1.29%. The business had revenue of $216.10 million for the quarter, compared to analysts’ expectations of $209.20 million. During the same quarter in the previous year, the firm earned $0.45 EPS. Macerich’s revenue was up 13.5% compared to the same quarter last year. On average, analysts anticipate that Macerich will post 1.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 5.08%. The ex-dividend date of this dividend is Thursday, May 19th. Macerich’s dividend payout ratio is currently 300.00%.
About Macerich (Get Rating)
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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