Analysts Set The Macerich Company (NYSE:MAC) Price Target at $18.86

The Macerich Company (NYSE:MAC) has received a consensus rating of “Reduce” from the ten ratings firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $18.86.

MAC has been the subject of several analyst reports. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $14.00 to $22.00 in a research note on Wednesday, December 4th. Scotiabank upgraded Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective on the stock in a research note on Tuesday, December 17th. Bank of America upped their target price on shares of Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Compass Point raised their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Piper Sandler upped their price objective on shares of Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 11th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Smead Capital Management Inc. raised its stake in Macerich by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after acquiring an additional 688,790 shares during the period. FMR LLC raised its position in shares of Macerich by 12,475.9% in the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after purchasing an additional 11,679,276 shares during the period. Geode Capital Management LLC lifted its stake in shares of Macerich by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock valued at $99,004,000 after buying an additional 34,982 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Macerich by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,801,369 shares of the real estate investment trust’s stock worth $87,577,000 after buying an additional 113,128 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Macerich by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock valued at $49,675,000 after buying an additional 126,192 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Price Performance

Shares of MAC opened at $20.14 on Friday. The business’s fifty day moving average is $19.96 and its 200 day moving average is $17.35. Macerich has a 12-month low of $12.99 and a 12-month high of $22.27. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock has a market cap of $5.01 billion, a P/E ratio of 51.64, a P/E/G ratio of 0.75 and a beta of 2.51.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business had revenue of $220.20 million for the quarter, compared to analyst estimates of $208.54 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Macerich will post 1.56 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Tuesday, November 12th. Macerich’s dividend payout ratio is currently 174.36%.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.