Macerich (NYSE:MAC) Rating Lowered to Sector Underperform at Scotiabank

Scotiabank cut shares of Macerich (NYSE:MACFree Report) from a sector perform rating to a sector underperform rating in a report published on Friday morning, MarketBeat reports. The firm currently has $14.00 price target on the real estate investment trust’s stock, down from their previous price target of $16.00.

A number of other research analysts also recently weighed in on MAC. Mizuho decreased their target price on shares of Macerich from $17.00 to $14.00 and set an underperform rating for the company in a research report on Wednesday, May 1st. Compass Point lowered their target price on Macerich from $20.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. StockNews.com cut Macerich from a hold rating to a sell rating in a research report on Tuesday, April 30th. Truist Financial reaffirmed a hold rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Finally, Citigroup raised Macerich from a sell rating to a neutral rating and increased their price objective for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $14.71.

Get Our Latest Stock Report on MAC

Macerich Stock Performance

MAC opened at $15.22 on Friday. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -9.76, a P/E/G ratio of 1.80 and a beta of 2.38. The business’s 50-day moving average price is $15.88 and its two-hundred day moving average price is $15.11. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s dividend payout ratio is presently -43.59%.

Insider Transactions at Macerich

In other news, insider Ann C. Menard acquired 4,865 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were purchased at an average cost of $15.40 per share, with a total value of $74,921.00. Following the acquisition, the insider now directly owns 20,633 shares in the company, valued at approximately $317,748.20. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Macerich news, insider Ann C. Menard purchased 4,865 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $74,921.00. Following the completion of the transaction, the insider now owns 20,633 shares in the company, valued at $317,748.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Scott W. Kingsmore purchased 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was bought at an average price of $16.06 per share, with a total value of $96,360.00. Following the completion of the purchase, the chief financial officer now owns 42,310 shares of the company’s stock, valued at approximately $679,498.60. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 163,365 shares of company stock worth $2,358,681 and sold 122,964 shares worth $2,080,030. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently added to or reduced their stakes in MAC. Norges Bank acquired a new position in Macerich during the 4th quarter worth approximately $22,210,000. Wellington Management Group LLP acquired a new position in shares of Macerich during the fourth quarter worth $18,938,000. Russell Investments Group Ltd. lifted its stake in shares of Macerich by 1,845.1% in the 1st quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock valued at $20,133,000 after acquiring an additional 1,108,770 shares during the last quarter. Waterfront Capital Partners LLC acquired a new stake in shares of Macerich during the 4th quarter valued at $14,609,000. Finally, Jessup Wealth Management Inc bought a new stake in Macerich during the 1st quarter worth $7,222,000. 87.38% of the stock is currently owned by institutional investors.

About Macerich

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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.

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Analyst Recommendations for Macerich (NYSE:MAC)

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