Macerich (NYSE:MAC) Upgraded at Scotiabank

Scotiabank upgraded shares of Macerich (NYSE:MAC) from a sector underperform rating to a sector perform rating in a report published on Tuesday, MarketBeat Ratings reports. Scotiabank currently has $22.00 price target on the real estate investment trust’s stock.

Several other equities analysts also recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Piper Sandler raised their price target on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a research note on Wednesday, December 11th. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Compass Point raised their target price on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Bank of America boosted their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Macerich presently has a consensus rating of “Hold” and an average price target of $18.86.

Macerich Stock Performance

Shares of MAC stock opened at $19.92 on Tuesday. The stock has a market cap of $4.95 billion, a PE ratio of 51.08, a price-to-earnings-growth ratio of 0.74 and a beta of 2.51. Macerich has a 52-week low of $12.99 and a 52-week high of $22.27. The business has a 50-day simple moving average of $19.76 and a 200-day simple moving average of $17.14. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The business had revenue of $220.20 million for the quarter, compared to analyst estimates of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. Macerich’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the business earned $0.44 earnings per share. On average, equities analysts expect that Macerich will post 1.56 EPS for the current year.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s payout ratio is currently 174.36%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in Macerich by 12,475.9% during the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock worth $214,738,000 after purchasing an additional 11,679,276 shares during the last quarter. Bamco Inc. NY increased its holdings 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 buying an additional 1,494,145 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Macerich by 399.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock valued at $28,206,000 after buying an additional 1,236,983 shares during the period. Smead Capital Management Inc. grew its position in Macerich by 3.5% in the third 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 during the period. Finally, Sei Investments Co. purchased a new position in Macerich in the second quarter worth approximately $10,625,000. Hedge funds and other 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.