ValuEngine Upgrades Macerich (MAC) to “Sell”

ValuEngine upgraded shares of Macerich (NYSE:MAC) from a strong sell rating to a sell rating in a report issued on Wednesday morning.

MAC has been the topic of several other reports. Morgan Stanley dropped their price target on Macerich to $58.00 and set an underweight rating on the stock in a research note on Sunday, December 2nd. Zacks Investment Research raised Macerich from a sell rating to a hold rating in a research note on Monday, October 22nd. Scotiabank began coverage on Macerich in a report on Tuesday, October 16th. They set a sector perform rating for the company. Evercore ISI upgraded Macerich from an in-line rating to an outperform rating in a report on Monday, September 17th. Finally, BMO Capital Markets set a $64.00 price objective on Macerich and gave the company a buy rating in a report on Wednesday, October 31st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $63.34.

Shares of MAC opened at $50.64 on Wednesday. Macerich has a 52-week low of $48.16 and a 52-week high of $69.73. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.48. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 2.19 and a beta of 0.83.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.32. Macerich had a return on equity of 3.29% and a net margin of 8.35%. The firm had revenue of $242.20 million for the quarter, compared to analyst estimates of $220.02 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company’s revenue was down .1% compared to the same quarter last year. Equities analysts predict that Macerich will post 3.85 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Friday, November 9th were issued a dividend of $0.75 per share. This is an increase from Macerich’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $3.00 annualized dividend and a dividend yield of 5.92%. Macerich’s payout ratio is currently 76.34%.

In related news, insider Dana K. Anderson sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $51.65, for a total transaction of $516,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.76% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Commonwealth Bank of Australia grew its holdings in Macerich by 737.2% during the second quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 1,585 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Macerich by 9,246.4% during the second quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after buying an additional 2,589 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Macerich during the third quarter worth $205,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Macerich during the second quarter worth $207,000. Finally, Mackenzie Financial Corp bought a new stake in Macerich during the third quarter worth $208,000. Institutional investors and hedge funds own 96.68% of the company’s stock.

Macerich Company Profile

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

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Analyst Recommendations for Macerich (NYSE:MAC)

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