Macerich (NYSE:MAC) Upgraded at Mizuho

Mizuho upgraded shares of Macerich (NYSE:MAC) from a neutral rating to an outperform rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $18.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $22.00.

Several other equities research analysts have also commented on the stock. Morgan Stanley dropped their price objective on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 price objective on the stock in a research note on Thursday, May 22nd. Scotiabank dropped their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, March 10th. Finally, Truist Financial boosted their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday. Three analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.78.

Macerich Stock Performance

Macerich stock opened at $16.01 on Tuesday. The firm’s fifty day moving average price is $15.16 and its 200-day moving average price is $17.99. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $4.04 billion, a P/E ratio of 41.05, a price-to-earnings-growth ratio of 0.71 and a beta of 2.17. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $22.27.

Macerich (NYSE:MAC) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The company had revenue of $249.22 million for the quarter, compared to analysts’ expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 EPS. On average, equities research analysts expect that Macerich will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich’s dividend payout ratio (DPR) is presently -158.14%.

Hedge Funds Weigh In On Macerich

Several large investors have recently made changes to their positions in MAC. CIBC Private Wealth Group LLC increased its holdings in Macerich by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after acquiring an additional 512 shares in the last quarter. M&T Bank Corp increased its holdings in Macerich by 2.8% in the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after acquiring an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in Macerich by 5.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after acquiring an additional 665 shares in the last quarter. AQR Capital Management LLC increased its holdings in Macerich by 2.2% in the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 813 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in Macerich by 4.5% in the 1st quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust’s stock worth $335,000 after acquiring an additional 839 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.