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

Macerich Company (The) (NYSE:MAC) has been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $26.33.

Several research analysts recently issued reports on the company. Piper Sandler raised Macerich from a “neutral” rating to an “overweight” rating and upped their target price for the company from $28.00 to $30.00 in a research report on Thursday, August 27th. Compass Point reissued a “neutral” rating and issued a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. KeyCorp boosted their price target on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Wall Street Zen upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Citigroup lifted their target price on shares of Macerich from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th.

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the business’s stock in a transaction 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 directly owned 847 shares of the company’s stock, valued at $19,718.16. The trade was a 76.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Macerich

Hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. increased its holdings in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Macerich in the 2nd quarter worth $36,000. Global Retirement Partners LLC purchased a new position in shares of Macerich during the 2nd quarter worth $39,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Macerich during the 4th quarter worth $49,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Macerich during the 2nd quarter valued at about $61,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Down 3.3%

Macerich stock opened at $22.19 on Friday. The business has a fifty day moving average of $23.65 and a two-hundred day moving average of $23.10. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a market cap of $6.29 billion, a P/E ratio of -34.13, a P/E/G ratio of 1.65 and a beta of 2.10. Macerich has a twelve month low of $16.03 and a twelve month high of $26.67.

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

Macerich Announces Dividend

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

Macerich Company Profile

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.