Macerich Company (The) (NYSE:MAC) Receives $24.92 Consensus Target Price from Analysts

Shares of Macerich Company (The) (NYSE:MAC) have earned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $25.00.

A number of research firms have commented on MAC. Truist Financial lifted their price objective on shares of Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Mizuho raised their price objective on shares of Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. The Goldman Sachs Group raised their price target on Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research report on Friday, May 15th. Jefferies Financial Group raised Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Finally, Scotiabank lifted their target price on shares of Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 18th.

Institutional Investors Weigh In On Macerich

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. Bank of America Corp DE lifted its position in shares of Macerich by 117.7% during the 1st quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust’s stock valued at $42,345,000 after acquiring an additional 1,211,091 shares during the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Macerich during the first quarter worth approximately $219,000. Amundi grew its position in Macerich by 17.2% during the first quarter. Amundi now owns 162,916 shares of the real estate investment trust’s stock valued at $3,079,000 after purchasing an additional 23,944 shares in the last quarter. Adelante Capital Management LLC acquired a new position in Macerich in the 1st quarter valued at approximately $8,136,000. Finally, California State Teachers Retirement System lifted its position in Macerich by 26.6% in the 1st quarter. California State Teachers Retirement System now owns 307,320 shares of the real estate investment trust’s stock worth $5,808,000 after buying an additional 64,481 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Up 1.1%

Shares of NYSE:MAC opened at $25.47 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a 52-week low of $15.89 and a 52-week high of $25.97. The business has a fifty day moving average of $22.99 and a two-hundred day moving average of $20.52. The stock has a market cap of $7.22 billion, a P/E ratio of -35.87, a PEG ratio of 1.69 and a beta of 2.06.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. During the same period last year, the company earned $0.33 EPS. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts expect that Macerich will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 15th. Macerich’s dividend payout ratio (DPR) is currently -95.77%.

About Macerich

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.