Macerich (NYSE:MAC) Given New $16.00 Price Target at Evercore ISI

Macerich (NYSE:MAC) had its target price hoisted by Evercore ISI from $15.00 to $16.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on MAC. The Goldman Sachs Group decreased their price target on shares of Macerich from $14.00 to $12.50 and set a sell rating on the stock in a report on Monday, June 17th. Scotiabank lowered shares of Macerich from a sector perform rating to a sector underperform rating and decreased their price target for the company from $16.00 to $14.00 in a report on Friday, May 17th. Piper Sandler lowered shares of Macerich from a neutral rating to an underweight rating and decreased their price target for the company from $17.00 to $11.00 in a report on Wednesday, May 1st. Mizuho reduced their target price on shares of Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a report on Wednesday, May 1st. Finally, Compass Point reduced their target price on shares of Macerich from $20.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, May 1st. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Macerich has a consensus rating of Hold and an average target price of $14.81.

Macerich Price Performance

MAC stock opened at $15.70 on Wednesday. The firm has a market cap of $3.39 billion, a P/E ratio of -10.06, a P/E/G ratio of 0.51 and a beta of 2.51. The company has a quick ratio of 1.03, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. The company’s 50-day moving average price is $15.29 and its two-hundred day moving average price is $15.65. Macerich has a 12 month low of $9.21 and a 12 month high of $17.69.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 19th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.33%. Macerich’s dividend payout ratio (DPR) is currently -43.59%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Algert Global LLC lifted its position in shares of Macerich by 35.0% during the 2nd quarter. Algert Global LLC now owns 158,841 shares of the real estate investment trust’s stock valued at $2,453,000 after acquiring an additional 41,141 shares during the period. Millennium Management LLC lifted its position in shares of Macerich by 153.0% during the 2nd quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock valued at $12,227,000 after acquiring an additional 478,930 shares during the period. DigitalBridge Group Inc. acquired a new position in shares of Macerich during the 2nd quarter valued at $1,764,000. Caxton Associates LP raised its holdings in Macerich by 260.5% during the second quarter. Caxton Associates LP now owns 98,823 shares of the real estate investment trust’s stock worth $1,526,000 after buying an additional 71,410 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Macerich during the second quarter worth $129,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

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.