The Macerich Company (NYSE:MAC) Receives $14.64 Average PT from Analysts

Shares of The Macerich Company (NYSE:MAC) have received an average recommendation of “Reduce” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $14.64.

MAC has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their target price on Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Monday, June 17th. Piper Sandler downgraded shares of Macerich from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Compass Point lowered their price objective on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Finally, Mizuho decreased their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st.

Insider Activity at Macerich

In other news, CEO Jackson Hsieh bought 140,000 shares of Macerich stock in a transaction dated Monday, May 6th. The shares were acquired at an average cost of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now owns 170,500 shares in the company, valued at approximately $2,431,330. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Jackson Hsieh acquired 140,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were purchased at an average price of $14.26 per share, for a total transaction of $1,996,400.00. Following the acquisition, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at approximately $2,431,330. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Doug J. Healey bought 7,500 shares of the stock in a transaction dated Tuesday, May 7th. The shares were acquired at an average price of $15.20 per share, with a total value of $114,000.00. Following the completion of the purchase, the executive vice president now directly owns 78,487 shares of the company’s stock, valued at $1,193,002.40. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 163,365 shares of company stock worth $2,358,681. 0.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Vanguard Group Inc. grew its position in shares of Macerich by 0.6% during the first quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock worth $597,400,000 after buying an additional 193,787 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Macerich by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock worth $71,818,000 after acquiring an additional 165,649 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Macerich by 0.9% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,540,033 shares of the real estate investment trust’s stock worth $16,802,000 after purchasing an additional 14,131 shares during the last quarter. Norges Bank bought a new position in shares of Macerich during the fourth quarter worth about $22,210,000. Finally, Wellington Management Group LLP acquired a new position in shares of Macerich in the 4th quarter worth approximately $18,938,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Down 0.4 %

Shares of NYSE MAC opened at $14.60 on Friday. Macerich has a 1 year low of $9.21 and a 1 year high of $17.69. The firm’s 50 day moving average price is $15.03 and its 200 day moving average price is $15.77. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $3.15 billion, a P/E ratio of -9.36, a price-to-earnings-growth ratio of 0.49 and a beta of 2.51.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.66%. The ex-dividend date was Friday, May 17th. Macerich’s payout ratio is -43.59%.

About Macerich

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.