Macerich (NYSE:MAC) Upgraded at Scotiabank

Scotiabank upgraded shares of Macerich (NYSE:MAC) from a sector perform rating to a sector outperform rating in a report published on Monday, Marketbeat reports. Scotiabank currently has $22.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $19.00.

Several other analysts also recently commented on the company. Mizuho set a $21.00 price objective on Macerich in a research note on Friday, January 9th. Citigroup boosted their target price on Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. KeyCorp set a $25.00 price target on Macerich and gave the stock an “overweight” rating in a report on Monday, February 23rd. JPMorgan Chase & Co. raised their price target on Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 10th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $21.00 price objective on shares of Macerich in a report on Monday, December 15th. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.83.

Macerich Stock Up 2.6%

Shares of NYSE:MAC opened at $19.39 on Monday. Macerich has a 52 week low of $12.48 and a 52 week high of $20.93. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $4.98 billion, a PE ratio of -25.18, a PEG ratio of 1.30 and a beta of 2.20. The company has a 50 day moving average price of $19.08 and a two-hundred day moving average price of $18.22.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.50). The firm had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The company’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business posted $0.47 earnings per share. Analysts forecast that Macerich will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Monday, March 16th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, March 16th. Macerich’s payout ratio is currently -88.31%.

Hedge Funds Weigh In On Macerich

A number of large investors have recently added to or reduced their stakes in MAC. Farther Finance Advisors LLC lifted its holdings in shares of Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 585 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Macerich by 366.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in shares of Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 684 shares in the last quarter. Triumph Capital Management acquired a new stake in Macerich in the 3rd quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC raised its position in Macerich by 156.6% in the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 1,336 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.