Shares of Macerich Company (The) (NYSE:MAC – Get Free Report) have been given a consensus recommendation of “Moderate Buy” by the sixteen research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $25.3333.
A number of analysts have weighed in on the company. JPMorgan Chase & Co. upgraded Macerich from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $23.00 to $25.00 in a report on Wednesday, June 17th. Compass Point reiterated a “neutral” rating and issued a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Wall Street Zen raised Macerich from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Finally, Truist Financial lifted their target price on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd.
Macerich Trading Down 1.2%
Macerich (NYSE:MAC – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $241.54 million during the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter in the prior year, the company earned $0.33 EPS. The company’s revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Macerich will post 1.48 EPS for the current fiscal year.
Macerich Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a $0.17 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. Macerich’s dividend payout ratio (DPR) is -95.77%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its position in Macerich by 2.4% during the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after purchasing an additional 351,907 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after buying an additional 2,034,338 shares during the period. Geode Capital Management LLC boosted its stake in shares of Macerich by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after buying an additional 70,132 shares during the last quarter. Centersquare Investment Management LLC boosted its stake in shares of Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Macerich by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock worth $93,030,000 after acquiring an additional 123,769 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.
Macerich Company Profile
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.
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