Macerich (NYSE:MAC) Price Target Cut to $18.00 by Analysts at Compass Point

Macerich (NYSE:MAC) had its target price reduced by Compass Point from $20.00 to $18.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

MAC has been the topic of a number of other reports. StockNews.com cut shares of Macerich from a hold rating to a sell rating in a research report on Tuesday. Truist Financial reaffirmed a hold rating and issued a $16.00 price objective on shares of Macerich in a research report on Monday, March 25th. Piper Sandler cut shares of Macerich from a neutral rating to an underweight rating and cut their price objective for the company from $17.00 to $11.00 in a research report on Wednesday. Citigroup raised shares of Macerich from a sell rating to a neutral rating and boosted their price objective for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. Finally, The Goldman Sachs Group boosted their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a sell rating in a research report on Thursday, January 11th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $14.83.

Macerich Trading Down 2.2 %

Shares of NYSE MAC opened at $13.46 on Wednesday. The company’s fifty day moving average is $16.24 and its 200-day moving average is $14.63. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -10.60, a P/E/G ratio of 1.80 and a beta of 2.33. 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 0.95 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The firm had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. Equities research analysts predict that Macerich will post 1.8 EPS for the current year.

Macerich Dividend Announcement

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 given a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a yield of 5.05%. Macerich’s dividend payout ratio (DPR) is presently -53.54%.

Insiders Place Their Bets

In other Macerich news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Macerich news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock valued at $2,940,030 in the last three months. 0.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Macerich by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock worth $532,000,000 after purchasing an additional 336,251 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Macerich by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock worth $71,818,000 after purchasing an additional 165,649 shares during the last quarter. Kennedy Capital Management LLC increased its stake in shares of Macerich by 0.9% during the 3rd quarter. Kennedy Capital Management LLC now owns 1,540,033 shares of the real estate investment trust’s stock worth $16,802,000 after purchasing an additional 14,131 shares during the last quarter. Norges Bank acquired a new position in shares of Macerich during the 4th quarter worth about $22,210,000. Finally, Wellington Management Group LLP acquired a new position in shares of Macerich during the 4th quarter worth about $18,938,000. 87.38% of the stock is currently 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.