Macerich Company (The) (NYSE:MAC) Receives $20.77 Average Target Price from Brokerages

Shares of Macerich Company (The) (NYSE:MAC) have been given a consensus rating of “Hold” by the thirteen ratings firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $20.9231.

A number of equities research analysts recently issued reports on the company. Truist Financial boosted their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Morgan Stanley set a $20.00 price objective on Macerich in a research note on Tuesday, April 14th. Wall Street Zen upgraded Macerich from a “strong sell” rating to a “hold” rating in a research note on Saturday. KeyCorp set a $25.00 price objective on Macerich and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Evercore set a $22.00 price objective on Macerich in a research note on Friday.

Macerich Price Performance

Shares of NYSE:MAC opened at $22.24 on Wednesday. The company’s 50-day moving average is $20.26 and its 200 day moving average is $18.97. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $5.81 billion, a P/E ratio of -31.32, a price-to-earnings-growth ratio of 1.47 and a beta of 2.12. Macerich has a fifty-two week low of $14.82 and a fifty-two week high of $22.56.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same period in the previous year, the firm earned $0.33 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities research analysts forecast that Macerich will post 1.46 earnings per share for the current year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. Macerich’s dividend payout ratio is currently -95.77%.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently modified their holdings of MAC. Royal Bank of Canada increased its position in shares of Macerich by 20.1% in the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after purchasing an additional 13,782 shares during the last quarter. Millennium Management LLC increased its position in shares of Macerich by 376.2% in the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after purchasing an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after purchasing an additional 2,983 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

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.