The Macerich Company (NYSE:MAC) Receives Consensus Rating of “Reduce” from Brokerages

The Macerich Company (NYSE:MAC) has received a consensus rating of “Reduce” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $18.86.

Several brokerages recently commented on MAC. StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Compass Point raised their price objective on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Bank of America upped their target price on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. The Goldman Sachs Group lifted their price target on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Finally, Scotiabank raised Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective for the company in a research note on Tuesday, December 17th.

Macerich Trading Down 2.1 %

Shares of MAC opened at $20.14 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a 52-week low of $12.99 and a 52-week high of $22.27. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 51.64, a PEG ratio of 0.75 and a beta of 2.51. The business’s fifty day moving average is $19.96 and its 200-day moving average is $17.35.

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

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.38%. Macerich’s payout ratio is currently 174.36%.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC lifted its stake in Macerich by 851.9% in the third quarter. Quest Partners LLC now owns 30,529 shares of the real estate investment trust’s stock valued at $557,000 after buying an additional 27,322 shares during the period. Citigroup Inc. boosted its stake in Macerich by 32.3% during the third quarter. Citigroup Inc. now owns 359,069 shares of the real estate investment trust’s stock worth $6,549,000 after acquiring an additional 87,611 shares in the last quarter. Bamco Inc. NY grew its holdings in Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock worth $30,924,000 after purchasing an additional 1,494,145 shares during the period. Sei Investments Co. bought a new stake in Macerich in the second quarter valued at $10,625,000. Finally, Smead Capital Management Inc. raised its holdings in shares of Macerich by 3.5% during the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after purchasing an additional 688,790 shares during the period. 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.