Macerich (NYSE:MAC) Price Target Cut to $18.00

Macerich (NYSE:MAC) had its price target lowered by Compass Point from $20.00 to $18.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued reports about the stock. Citigroup upgraded shares of Macerich from a sell rating to a neutral rating and increased their price objective for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. StockNews.com cut shares of Macerich from a hold rating to a sell rating in a report on Tuesday. The Goldman Sachs Group raised their price target on shares of Macerich from $9.00 to $13.00 and gave the stock a sell rating in a report on Thursday, January 11th. Mizuho reduced their price target on shares of Macerich from $17.00 to $14.00 and set an underperform rating for the company in a report on Wednesday. Finally, Truist Financial restated a hold rating and issued a $16.00 price target on shares of Macerich in a report on Monday, March 25th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Macerich presently has a consensus rating of Hold and an average target price of $14.83.

Macerich Trading Down 2.2 %

MAC opened at $13.46 on Wednesday. Macerich has a twelve month low of $9.05 and a twelve month high of $17.69. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67. The company has a fifty day moving average of $16.24 and a 200-day moving average of $14.63. The stock has a market cap of $2.90 billion, a PE ratio of -10.60, a price-to-earnings-growth ratio of 1.80 and a beta of 2.33.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share 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 firm had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same quarter last year, the company earned $0.53 earnings per share. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, sell-side analysts predict that Macerich will post 1.8 EPS for the current year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date is Friday, May 17th. Macerich’s dividend payout ratio (DPR) is -53.54%.

Insider Buying and Selling at Macerich

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. 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 95,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the transaction, the director now directly owns 102,900 shares in the company, valued at $1,743,126. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,964 shares of company stock valued at $2,940,030. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MAC. Signaturefd LLC lifted its position in shares of Macerich by 152.4% during the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,308 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Macerich during the third quarter valued at about $36,000. Anchor Investment Management LLC bought a new position in shares of Macerich during the fourth quarter valued at about $40,000. Quest Partners LLC bought a new position in shares of Macerich during the fourth quarter valued at about $41,000. Finally, CWM LLC lifted its position in shares of Macerich by 51.0% during the third quarter. CWM LLC now owns 5,409 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 1,826 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

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.