Macerich (NYSE:MAC) Upgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley upgraded shares of Macerich (NYSE:MAC) from an underweight rating to an equal weight rating in a research report report published on Wednesday morning, Marketbeat reports. Morgan Stanley currently has $20.00 target price on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Macerich in a report on Tuesday, December 17th. They issued a “hold” rating and a $22.00 price objective on the stock. Scotiabank raised Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price target on the stock in a research note on Tuesday, December 17th. Compass Point increased their price objective on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lifted their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Finally, Jefferies Financial Group upgraded shares of Macerich from a “hold” rating to a “buy” rating and increased their target price for the company from $19.00 to $23.00 in a research report on Thursday, January 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.30.

Macerich Stock Performance

Shares of MAC stock opened at $19.80 on Wednesday. Macerich has a 12-month low of $12.99 and a 12-month high of $22.27. The company has a market capitalization of $4.92 billion, a P/E ratio of 50.76, a P/E/G ratio of 0.67 and a beta of 2.51. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The business’s 50 day moving average is $20.35 and its two-hundred day moving average is $17.89.

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

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.44%. The ex-dividend date was Tuesday, November 12th. Macerich’s payout ratio is currently 174.36%.

Insiders Place Their Bets

In other news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares in the company, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 933 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Macerich during the 2nd quarter worth $50,000. GAMMA Investing LLC increased its position in shares of Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Macerich in the 2nd quarter valued at about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Macerich by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2,161 shares during the period. 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.