Macerich Given Average Rating of “Buy” by Analysts (NYSE:MAC)
Shares of Macerich (NYSE:MAC) have received an average rating of “Buy” from the fourteen ratings firms that are currently covering the company, American Banking News reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $70.20.
Shares of Macerich (NYSE:MAC) opened at 65.29 on Wednesday. Macerich has a 52-week low of $55.13 and a 52-week high of $68.81. The stock has a 50-day moving average of $66.08 and a 200-day moving average of $64.40. The company has a market cap of $9.187 billion and a P/E ratio of 42.24.
Macerich (NYSE:MAC) last posted its quarterly 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. Analysts expect that Macerich will post $3.57 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 5th. Investors of record on Wednesday, August 20th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 3.80%. The ex-dividend date is Monday, August 18th.
MAC has been the subject of a number of recent research reports. Analysts at BMO Capital Markets upgraded shares of Macerich from a “market perform” rating to an “outperform” rating in a research note on Tuesday, August 26th. They now have a $74.00 price target on the stock, up previously from $71.00. Separately, 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. Finally, 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.
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust.
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