StockNews.com Downgrades Macerich (NYSE:MAC) to Sell

StockNews.com cut shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research note released on Tuesday morning.

Other equities analysts have also recently issued research reports about the stock. Truist Financial restated a hold rating and set a $16.00 target price on shares of Macerich in a research report on Monday, March 25th. The Goldman Sachs Group increased their target price on Macerich from $9.00 to $13.00 and gave the company a sell rating in a report on Thursday, January 11th. Finally, Citigroup upgraded Macerich from a sell rating to a neutral rating and upped their price objective for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $14.83.

Macerich Price Performance

MAC stock traded up $0.49 on Tuesday, reaching $14.30. 2,275,431 shares of the company’s stock were exchanged, compared to its average volume of 1,988,657. Macerich has a twelve month low of $9.05 and a twelve month high of $17.69. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. The stock has a fifty day moving average of $16.09 and a 200-day moving average of $14.62. The firm has a market cap of $3.08 billion, a PE ratio of -9.16, a P/E/G ratio of 1.51 and a beta of 2.38.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. As a group, equities analysts predict that Macerich will post 1.8 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s payout ratio is -43.59%.

Insider Buying and Selling at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now directly owns 102,900 shares of the company’s stock, valued at approximately $1,743,126. The disclosure for this sale can be found here. Insiders sold 172,964 shares of company stock worth $2,940,030 in the last 90 days. 0.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC lifted its holdings in Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,308 shares in the last quarter. Anchor Investment Management LLC acquired a new position in shares of Macerich in the fourth quarter worth about $40,000. Quest Partners LLC acquired a new position in shares of Macerich in the fourth quarter worth about $41,000. Fidelis Capital Partners LLC purchased a new position in Macerich in the first quarter valued at about $46,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Macerich during the 3rd quarter valued at approximately $36,000. 87.38% of the stock is owned by institutional investors and hedge funds.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.