Brokerages Set The Macerich Company (NYSE:MAC) Price Target at $14.40

The Macerich Company (NYSE:MAC) has been assigned an average recommendation of “Reduce” from the four ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $14.40.

A number of equities research analysts have commented on the company. Truist Financial reissued a “hold” rating and issued a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research note on Thursday. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and raised their price objective for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group raised their price objective on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th.

Macerich Trading Down 1.3 %

NYSE MAC opened at $15.17 on Tuesday. The business has a 50 day simple moving average of $16.50 and a 200 day simple moving average of $14.32. Macerich has a one year low of $9.05 and a one year high of $17.69. The stock has a market capitalization of $3.27 billion, a P/E ratio of -11.94, a P/E/G ratio of 1.78 and a beta of 2.33. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same period in the prior year, the business earned $0.53 EPS. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. Research analysts expect that Macerich will post 1.8 earnings per share for the current year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.68 annualized dividend and a dividend yield of 4.48%. Macerich’s payout ratio is -53.54%.

Insider Activity at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the sale, the president now owns 655,667 shares in the company, valued at $11,277,472.40. The disclosure for this sale can be found here. Insiders have sold a total of 172,964 shares of company stock valued at $2,940,030 over the last 90 days. Insiders own 0.57% of the company’s stock.

Institutional Trading of Macerich

Several hedge funds have recently made changes to their positions in MAC. Vanguard Group Inc. grew its position in shares of Macerich by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock valued at $532,000,000 after purchasing an additional 336,251 shares in the last quarter. BlackRock Inc. grew its position in shares of Macerich by 0.7% in the first quarter. BlackRock Inc. now owns 30,909,711 shares of the real estate investment trust’s stock valued at $327,643,000 after purchasing an additional 224,394 shares in the last quarter. State Street Corp grew its position in shares of Macerich by 6.3% in the second quarter. State Street Corp now owns 14,327,975 shares of the real estate investment trust’s stock valued at $161,476,000 after purchasing an additional 855,355 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Macerich by 867.8% in the second quarter. Goldman Sachs Group Inc. now owns 8,732,108 shares of the real estate investment trust’s stock valued at $98,411,000 after purchasing an additional 7,829,876 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Macerich by 3.1% in the first quarter. JPMorgan Chase & Co. now owns 6,716,461 shares of the real estate investment trust’s stock valued at $71,194,000 after purchasing an additional 203,180 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors.

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.