Shares of Macerich Company (The) (NYSE:MAC – Get Free Report) have earned an average rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $26.19.
A number of research firms have issued reports on MAC. The Goldman Sachs Group reissued a “sell” rating and set a $21.00 target price on shares of Macerich in a research note on Tuesday, September 1st. Evercore raised Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 price target on the stock in a report on Monday, September 21st. Griffin Securities set a $26.00 price objective on Macerich in a research report on Tuesday, August 18th. Citigroup increased their price objective on Macerich from $28.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th.
Read Our Latest Stock Analysis on Macerich
Insider Activity
In other news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares of the company’s stock, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.21% of the company’s stock.
Institutional Investors Weigh In On Macerich
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Macerich in the second quarter valued at $1,378,836,000. Deutsche Bank AG acquired a new position in Macerich during the second quarter worth about $138,928,000. Bamco Inc. NY bought a new stake in Macerich in the second quarter worth about $125,944,000. Resolution Capital Ltd raised its position in Macerich by 204.0% in the first quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock worth $82,861,000 after acquiring an additional 2,941,909 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Macerich in the second quarter worth about $81,946,000. Institutional investors and hedge funds own 87.38% of the company’s stock.
Macerich Stock Performance
MAC stock opened at $24.76 on Wednesday. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of -38.09, a PEG ratio of 1.79 and a beta of 2.11. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s fifty day moving average is $23.15 and its two-hundred day moving average is $22.27.
Macerich (NYSE:MAC – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The firm had revenue of $249.71 million for the quarter, compared to the consensus estimate of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.33 EPS. On average, research analysts predict that Macerich will post 1.49 EPS for the current year.
Macerich Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 28th. Shareholders of record on Monday, December 14th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, December 14th. Macerich’s payout ratio is -104.62%.
About Macerich
Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.
Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.
The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.
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