Macerich (NYSE:MAC) Price Target Raised to $17.00

Macerich (NYSE:MAC) had its price target hoisted by The Goldman Sachs Group from $15.00 to $17.00 in a report published on Monday,Benzinga reports. They currently have a sell rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on MAC. KeyCorp set a $25.00 target price on shares of Macerich and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Truist Financial raised their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Scotiabank upped their target price on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Finally, Citigroup boosted their price target on Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.46.

Macerich Stock Performance

Macerich stock opened at $20.29 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.01. The stock has a market cap of $5.21 billion, a PE ratio of -26.35, a P/E/G ratio of 1.36 and a beta of 2.17. Macerich has a 12-month low of $12.48 and a 12-month high of $20.93. The business’s 50-day moving average price is $18.95 and its two-hundred day moving average price is $18.11.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The company had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The firm’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. As a group, analysts expect that Macerich will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, March 16th. Macerich’s payout ratio is currently -88.31%.

Institutional Investors Weigh In On Macerich

A number of institutional investors have recently modified their holdings of MAC. Farther Finance Advisors LLC raised its stake in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 585 shares during the last quarter. Global Retirement Partners LLC grew its holdings in Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 1,095 shares during the period. Hantz Financial Services Inc. raised its position in shares of Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 684 shares in the last quarter. Triumph Capital Management acquired a new position in shares of Macerich in the 3rd quarter valued at about $33,000. Finally, Salomon & Ludwin LLC boosted its position in shares of Macerich by 156.6% during the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 1,336 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.