Macerich Company (The) (NYSE:MAC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Macerich Company (The) (NYSE:MAC) has been assigned an average recommendation of “Moderate Buy” from the fourteen brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $24.9231.

A number of research firms have recently commented on MAC. Wall Street Zen lowered shares of Macerich from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. JPMorgan Chase & Co. upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. Citigroup upgraded shares of Macerich from a “neutral” rating to a “buy” rating and boosted their price target for the company from $24.00 to $28.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a “hold” rating to a “buy” rating and boosted their price target for the company from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Finally, Evercore set a $22.00 price target on shares of Macerich in a research report on Friday, May 8th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC grew its position in shares of Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 585 shares in the last quarter. Global Retirement Partners LLC grew its position in Macerich by 366.2% in the fourth 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 in the last quarter. Hantz Financial Services Inc. grew its position in Macerich by 80.4% in the fourth 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 purchased a new position in Macerich in the third quarter worth $33,000. Finally, Salomon & Ludwin LLC grew its position in Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 1,336 shares in the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Up 4.1%

Macerich stock opened at $25.38 on Thursday. Macerich has a 1-year low of $15.79 and a 1-year high of $25.72. The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of -35.75, a P/E/G ratio of 1.63 and a beta of 2.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The firm has a 50 day simple moving average of $22.62 and a 200 day simple moving average of $20.25.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same period in the previous year, the business earned $0.33 EPS. Macerich’s revenue was down 3.1% compared to the same quarter last year. On average, analysts predict that Macerich will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, June 15th. Macerich’s payout ratio is -95.77%.

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.