The Macerich Company (NYSE:MAC) Receives Average Recommendation of “Reduce” from Analysts

The Macerich Company (NYSE:MAC) has received a consensus recommendation of “Reduce” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $15.19.

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler increased their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. Scotiabank downgraded shares of Macerich from a “sector perform” rating to a “sector underperform” rating and cut their price target for the company from $16.00 to $14.00 in a research report on Friday, May 17th. Evercore ISI increased their price target on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group cut their price target on shares of Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Monday, June 17th.

Institutional Trading of Macerich

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Macerich by 0.6% during the 1st 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 during the period. Dimensional Fund Advisors LP raised its holdings in shares of Macerich by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock valued at $49,675,000 after purchasing an additional 126,192 shares during the last quarter. Norges Bank acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $22,210,000. Renaissance Technologies LLC raised its holdings in shares of Macerich by 10.4% in the second quarter. Renaissance Technologies LLC now owns 1,233,600 shares of the real estate investment trust’s stock valued at $19,047,000 after purchasing an additional 116,200 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $18,938,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Up 1.7 %

Shares of NYSE MAC opened at $16.22 on Friday. The firm has a market capitalization of $3.50 billion, a PE ratio of -10.39, a price-to-earnings-growth ratio of 0.51 and a beta of 2.49. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76. Macerich has a 1 year low of $9.21 and a 1 year high of $17.69. The firm’s 50-day moving average is $15.45 and its 200-day moving average is $15.54.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 19th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, August 19th. This represents a $0.68 annualized dividend and a yield of 4.19%. Macerich’s dividend payout ratio (DPR) is currently -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.