Macerich Company (The) (NYSE:MAC) Receives $26.00 Average Target Price from Brokerages

Macerich Company (The) (NYSE:MAC) has been assigned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $26.00.

MAC has been the subject of several recent analyst reports. Mizuho set a $28.00 price target on Macerich in a research report on Wednesday, August 5th. Compass Point reissued a “neutral” rating and issued a $26.00 target price (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Truist Financial boosted their target price on shares of Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Morgan Stanley raised their target price on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, June 18th. Finally, Griffin Securities set a $26.00 target price on Macerich in a report on Tuesday, August 18th.

Insider Buying and Selling

In related news, CAO Christopher Zecchini sold 2,740 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares in the company, valued at approximately $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its stake in 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 worth $25,000 after purchasing an additional 585 shares during the period. Global Retirement Partners LLC grew its holdings in shares of Macerich by 366.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Macerich in the second quarter worth about $36,000. Hantz Financial Services Inc. increased its stake in Macerich by 80.4% in the 4th 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 during the period. Finally, Triumph Capital Management purchased a new position in Macerich in the 3rd quarter worth about $33,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Down 1.7%

Shares of Macerich stock opened at $22.64 on Tuesday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of -34.83, a P/E/G ratio of 1.66 and a beta of 2.06. Macerich has a 52-week low of $16.03 and a 52-week high of $26.67. The company’s 50 day moving average price is $24.72 and its 200-day moving average price is $22.70. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88.

Macerich (NYSE:MAC) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same period last year, the firm posted $0.33 earnings per share. Macerich’s quarterly revenue was up .0% on a year-over-year basis. Equities research analysts forecast that Macerich will post 1.49 EPS for the current year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. Macerich’s dividend payout ratio (DPR) is currently -104.62%.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.