Compass Point Forecasts Strong Price Appreciation for Macerich (NYSE:MAC) Stock

Macerich (NYSE:MAC) had its target price lifted by Compass Point from $20.00 to $23.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on MAC. Bank of America upped their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. The Goldman Sachs Group lifted their target price on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Piper Sandler increased their price target on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Finally, Evercore ISI raised their price objective on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.40.

Macerich Stock Up 1.1 %

NYSE:MAC traded up $0.22 during mid-day trading on Thursday, hitting $19.52. The company had a trading volume of 1,476,323 shares, compared to its average volume of 1,418,307. The business has a fifty day simple moving average of $17.62 and a 200-day simple moving average of $16.05. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 50.05, a PEG ratio of 0.62 and a beta of 2.50. Macerich has a 1 year low of $9.90 and a 1 year high of $20.27. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.44 earnings per share. Equities analysts forecast that Macerich will post 1.61 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.48%. Macerich’s dividend payout ratio (DPR) is 174.36%.

Hedge Funds Weigh In On Macerich

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Macerich by 0.6% during the first quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock valued at $597,400,000 after purchasing an additional 193,787 shares during the last quarter. Smead Capital Management Inc. grew its position 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 valued at $372,706,000 after buying an additional 688,790 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Macerich by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock valued at $49,675,000 after buying an additional 126,192 shares during the last quarter. Renaissance Technologies LLC raised its stake in Macerich by 10.4% during the second quarter. Renaissance Technologies LLC now owns 1,233,600 shares of the real estate investment trust’s stock worth $19,047,000 after acquiring an additional 116,200 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after acquiring an additional 1,108,770 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

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.