Macerich Upgraded by BMO Capital Markets to “Outperform” (MAC)
Macerich (NYSE:MAC) was upgraded by equities researchers at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports.
Shares of Macerich (NYSE:MAC) opened at 64.79 on Tuesday. Macerich has a one year low of $55.13 and a one year high of $68.81. The stock has a 50-day moving average of $66.27 and a 200-day moving average of $64.31. The company has a market cap of $9.117 billion and a P/E ratio of 42.19.
Macerich (NYSE:MAC) last announced its earnings results on Wednesday, July 23rd. The company reported $0.86 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.84 by $0.02. The company had revenue of $254.33 million for the quarter, compared to the consensus estimate of $149.60 million. During the same quarter in the prior year, the company posted $0.87 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. On average, analysts predict that Macerich will post $3.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 5th. Investors of record on Wednesday, August 20th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Monday, August 18th.
In other Macerich news, CFO Hern Thomas E. O sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $66.30, for a total transaction of $331,500.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
Several other analysts have also recently commented on the stock. Analysts at Cowen and Company raised their price target on shares of Macerich from $74.00 to $76.00 in a research note on Thursday, August 14th. They now have an “outperform” rating on the stock. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Macerich in a research note on Wednesday, August 6th. They now have a $72.00 price target on the stock, down previously from $73.00. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Macerich in a research note on Tuesday, August 5th. They now have a $70.00 price target on the stock, down previously from $73.00. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $69.78.
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust.
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