Brokerages Set The Macerich Company (NYSE:MAC) Price Target at $14.64

Shares of The Macerich Company (NYSE:MAC) have been given a consensus recommendation of “Reduce” by the seven brokerages that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $14.64.

Several brokerages have recently weighed in on MAC. The Goldman Sachs Group decreased their price target on Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Monday, June 17th. Truist Financial reaffirmed a “hold” rating and set a $16.00 target price on shares of Macerich in a research note on Monday, March 25th. Scotiabank cut Macerich from a “sector perform” rating to a “sector underperform” rating and decreased their target price for the stock from $16.00 to $14.00 in a research note on Friday, May 17th. Piper Sandler cut Macerich from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Finally, Compass Point decreased their target price on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st.

Insiders Place Their Bets

In other news, EVP Kenneth Volk bought 5,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was acquired at an average cost of $15.40 per share, with a total value of $77,000.00. Following the completion of the transaction, the executive vice president now directly owns 51,924 shares of the company’s stock, valued at approximately $799,629.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Macerich news, CFO Scott W. Kingsmore acquired 6,000 shares of the company’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 $679,498.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kenneth Volk purchased 5,000 shares of the company’s stock in a transaction on Friday, May 10th. The shares were purchased at an average cost of $15.40 per share, with a total value of $77,000.00. Following the purchase, the executive vice president now owns 51,924 shares of the company’s stock, valued at $799,629.60. The disclosure for this purchase can be found here. Insiders bought 163,365 shares of company stock valued at $2,358,681 over the last ninety days. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC lifted its stake in shares of Macerich by 1,460.3% in the 4th quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock valued at $5,007,000 after acquiring an additional 303,704 shares during the last quarter. Jessup Wealth Management Inc purchased a new position in Macerich during the 1st quarter valued at about $7,222,000. Vanguard Group Inc. increased its holdings in Macerich by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock valued at $532,000,000 after purchasing an additional 336,251 shares during the period. Hsbc Holdings PLC increased its holdings in Macerich by 12.1% during the 4th quarter. Hsbc Holdings PLC now owns 126,062 shares of the real estate investment trust’s stock valued at $1,945,000 after purchasing an additional 13,576 shares during the period. Finally, Invesco Ltd. increased its holdings in Macerich by 15.3% during the 3rd quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock valued at $6,323,000 after purchasing an additional 76,888 shares during the period. Institutional investors own 87.38% of the company’s stock.

Macerich Price Performance

Shares of MAC stock opened at $14.95 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81. Macerich has a twelve month low of $9.21 and a twelve month high of $17.69. The company has a market cap of $3.23 billion, a P/E ratio of -9.58, a P/E/G ratio of 0.46 and a beta of 2.51. The business has a fifty day simple moving average of $15.01 and a 200 day simple moving average of $15.75.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend was Friday, May 17th. Macerich’s dividend payout ratio is currently -43.59%.

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.