Macerich (NYSE:MAC) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research report released on Thursday.

A number of other equities research analysts have also commented on the company. Truist Financial reiterated a hold rating and issued a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Citigroup upgraded Macerich from a sell rating to a neutral rating and upped their target price for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Piper Sandler raised their price target on shares of Macerich from $12.00 to $17.00 and gave the stock a neutral rating in a report on Wednesday, December 20th. Finally, The Goldman Sachs Group upped their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a sell rating in a research note on Thursday, January 11th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $14.40.

Macerich Price Performance

Shares of MAC stock opened at $15.17 on Thursday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95. The business’s 50-day moving average price is $16.50 and its 200-day moving average price is $14.32. Macerich has a 12 month low of $9.05 and a 12 month high of $17.69.

Macerich (NYSE:MAC) last posted 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 quarter in the prior year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, equities analysts expect that Macerich will post 1.8 earnings per share for the current year.

Macerich Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Macerich news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the transaction, the president now directly owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $3,243,581. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,964 shares of company stock worth $2,940,030. 0.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MAC. International Assets Investment Management LLC grew its holdings in shares of Macerich by 1,460.3% in the fourth quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock valued at $5,007,000 after acquiring an additional 303,704 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Macerich by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock valued at $48,973,000 after acquiring an additional 31,445 shares during the period. Barclays PLC boosted its position in shares of Macerich by 91.0% in the third quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock valued at $2,421,000 after acquiring an additional 105,663 shares during the period. SG Americas Securities LLC grew its stake in Macerich by 642.9% during the third quarter. SG Americas Securities LLC now owns 115,705 shares of the real estate investment trust’s stock valued at $1,262,000 after acquiring an additional 100,131 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Macerich by 15.3% during the 3rd quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after acquiring an additional 76,888 shares during the period. Institutional investors 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.