The Macerich Company (NYSE:MAC) Receives $18.86 Consensus Target Price from Brokerages

The Macerich Company (NYSE:MAC) has been assigned a consensus recommendation of “Reduce” from the ten brokerages that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $18.86.

MAC has been the subject of several recent research reports. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and upped their target price for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Piper Sandler increased their target price on Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 11th. Scotiabank raised shares of Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price target for the company in a report on Tuesday, December 17th. The Goldman Sachs Group upped their price target on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Finally, Evercore ISI boosted their target price on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MAC. Blue Trust Inc. boosted its stake in shares of Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 933 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Macerich during the second quarter valued at $50,000. GAMMA Investing LLC boosted its position in shares of Macerich by 40.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Macerich in the 2nd quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Macerich by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 2,161 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Performance

MAC stock opened at $20.23 on Friday. The stock’s 50 day simple moving average is $19.88 and its 200 day simple moving average is $17.27. Macerich has a 12-month low of $12.99 and a 12-month high of $22.27. The firm has a market cap of $5.03 billion, a P/E ratio of 51.87, a P/E/G ratio of 0.75 and a beta of 2.51. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The business had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 earnings per share. As a group, equities research analysts predict that Macerich will post 1.56 EPS for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.36%. Macerich’s payout ratio is 174.36%.

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.