Macerich (NYSE:MAC) Price Target Raised to $21.00

Macerich (NYSE:MAC) had its price target boosted by Citigroup from $19.00 to $21.00 in a research report released on Wednesday,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on MAC. Scotiabank upped their price target on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Truist Financial boosted their price target on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Mizuho set a $21.00 price objective on Macerich in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Finally, KeyCorp set a $25.00 price target on Macerich and gave the company an “overweight” rating in a report on Monday. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Macerich currently has an average rating of “Hold” and an average target price of $20.26.

Macerich Stock Down 1.2%

MAC opened at $20.49 on Wednesday. Macerich has a one year low of $12.48 and a one year high of $20.93. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.03. The firm has a market capitalization of $5.26 billion, a P/E ratio of -26.61, a price-to-earnings-growth ratio of 1.42 and a beta of 2.16. The company has a fifty day moving average price of $18.87 and a 200-day moving average price of $18.05.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS 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 analysts’ expectations of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 earnings per share. 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 disclosed a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 dividend on an annualized basis and a yield of 3.3%. Macerich’s dividend payout ratio (DPR) is presently -88.31%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC lifted its position in Macerich by 1.2% in the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock valued at $851,000 after acquiring an additional 530 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Macerich by 76.8% during 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 in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Macerich by 2.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 622 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Macerich by 1.7% in the 3rd quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock valued at $678,000 after purchasing an additional 627 shares during the period. Finally, Osaic Holdings Inc. boosted its position in shares of Macerich by 5.5% in the 4th quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 637 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

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.