Macerich Company (The) (NYSE:MAC) Stock Has Average Price Target of $26.33

Macerich Company (The) (NYSE:MAC) has received an average rating of “Moderate Buy” from the sixteen brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $26.44.

Several equities research analysts have recently issued reports on the stock. BNP Paribas Exane started coverage on shares of Macerich in a research report on Friday. They set an “outperform” rating and a $28.00 price objective for the company. Piper Sandler raised Macerich from a “neutral” rating to an “overweight” rating and increased their target price for the company from $28.00 to $30.00 in a report on Thursday, August 27th. LADENBURG THALM/SH SH lifted their price target on Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Compass Point reaffirmed a “neutral” rating and set a $26.00 price objective (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. Finally, Scotiabank increased their price objective on Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a report on Thursday, June 18th.

Insider Buying and Selling

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the sale, the chief accounting officer owned 847 shares of the company’s stock, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Quantbot Technologies LP purchased a new position in Macerich during the 2nd quarter worth $1,476,000. Quantinno Capital Management LP boosted its stake in shares of Macerich by 165.6% during the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock worth $2,656,000 after buying an additional 87,626 shares during the period. Wealth Science Advisors LLC acquired a new stake in shares of Macerich during the second quarter worth about $1,051,000. Bank of New York Mellon Corp purchased a new position in shares of Macerich during the second quarter worth about $59,962,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Macerich by 16,284.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust’s stock worth $45,525,000 after buying an additional 1,796,223 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Performance

Shares of MAC opened at $22.28 on Friday. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67. The stock has a market capitalization of $6.32 billion, a PE ratio of -34.27, a PEG ratio of 1.59 and a beta of 2.10. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a 50-day simple moving average of $23.51 and a 200-day simple moving average of $23.13.

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

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 14th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, September 14th. Macerich’s dividend payout ratio is -104.62%.

About Macerich

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich’s properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.