JPMorgan Chase & Co. Lowers Macerich (NYSE:MAC) Price Target to $18.00

Macerich (NYSE:MAC) had its price target reduced by JPMorgan Chase & Co. from $22.00 to $18.00 in a report published on Monday,Benzinga reports. They currently have an underweight rating on the real estate investment trust’s stock.

MAC has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Mizuho upgraded shares of Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Scotiabank dropped their price objective on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research note on Thursday, March 6th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Macerich in a research note on Tuesday, December 17th. They issued a “hold” rating and a $22.00 price objective for the company. Finally, Morgan Stanley raised shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price objective for the company in a research note on Wednesday, January 15th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.03.

Macerich Stock Performance

Shares of NYSE MAC opened at $16.83 on Monday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $4.25 billion, a P/E ratio of 43.14, a P/E/G ratio of 0.71 and a beta of 2.62. The firm’s fifty day moving average is $19.76 and its two-hundred day moving average is $19.06. Macerich has a 52-week low of $12.99 and a 52-week high of $22.27.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.68 annualized dividend and a yield of 4.04%. Macerich’s dividend payout ratio (DPR) is -86.08%.

Insider Buying and Selling at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Macerich

Large investors have recently modified their holdings of the business. Citigroup Inc. raised its holdings in shares of Macerich by 32.3% in the 3rd quarter. Citigroup Inc. now owns 359,069 shares of the real estate investment trust’s stock valued at $6,549,000 after purchasing an additional 87,611 shares in the last quarter. Quest Partners LLC raised its holdings in shares of Macerich by 851.9% in the 3rd quarter. Quest Partners LLC now owns 30,529 shares of the real estate investment trust’s stock valued at $557,000 after purchasing an additional 27,322 shares in the last quarter. Bamco Inc. NY raised its stake in shares of Macerich by 742.3% during the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock worth $30,924,000 after acquiring an additional 1,494,145 shares in the last quarter. Friedenthal Financial bought a new position in shares of Macerich during the 4th quarter worth approximately $771,000. Finally, Smead Capital Management Inc. raised its stake in shares of Macerich by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after acquiring an additional 688,790 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

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.