Macerich Company (The) (NYSE:MAC) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately bullish: Fifteen analysts give Macerich an average “Moderate Buy” rating, with 10 buys, one strong buy, three holds and one sell. The average 12-month price target is $26.33 versus the reported $23.04 share price.
• Recent rating upgrades supported the outlook: Evercore and JPMorgan raised their views to “outperform” and “overweight,” respectively, while price targets from Scotiabank and Ladenburg were also increased. Goldman Sachs maintained a “sell” rating with a $21 target.
• Operational results were mixed: Macerich exceeded quarterly revenue expectations but missed EPS estimates, reporting a $0.10 loss per share. The REIT paid a $0.17 quarterly dividend, equivalent to a 3.0% annualized yield.

Macerich Company (The) (NYSE:MAC - Get Free Report) has been given an average rating of "Moderate Buy" by the fifteen analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $26.33.

MAC has been the topic of several recent analyst reports. Evercore raised shares of Macerich from an "in-line" rating to an "outperform" rating and set a $26.00 target price on the stock in a report on Monday, September 21st. JPMorgan Chase & Co. raised shares of Macerich from a "neutral" rating to an "overweight" rating and set a $26.00 price target for the company in a report on Thursday, September 24th. Scotiabank increased their price target on shares of Macerich from $24.00 to $27.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 18th. LADENBURG THALM/SH SH lifted their price objective on shares of Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Finally, The Goldman Sachs Group restated a "sell" rating and set a $21.00 price objective on shares of Macerich in a research report on Tuesday, September 1st.

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the transaction, the chief accounting officer owned 847 shares of the company's stock, valued at approximately $19,718.16. The trade was a 76.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.21% of the company's stock.

Institutional Trading of Macerich

Several large investors have recently bought and sold shares of MAC. Integrated Wealth Concepts LLC bought a new position in shares of Macerich in the 2nd quarter valued at $61,000. Arizona State Retirement System grew its position in Macerich by 0.7% during the 2nd quarter. Arizona State Retirement System now owns 70,823 shares of the real estate investment trust's stock worth $1,784,000 after acquiring an additional 507 shares during the last quarter. Nykredit A S bought a new stake in Macerich during the 2nd quarter worth $87,000. Corient Private Wealth LP increased its holdings in Macerich by 3.7% in the 2nd quarter. Corient Private Wealth LP now owns 82,912 shares of the real estate investment trust's stock worth $2,089,000 after purchasing an additional 2,989 shares in the last quarter. Finally, Amundi increased its holdings in Macerich by 33.1% in the 2nd quarter. Amundi now owns 216,810 shares of the real estate investment trust's stock worth $5,461,000 after purchasing an additional 53,894 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Performance

NYSE:MAC opened at $23.04 on Friday. The stock has a fifty day moving average price of $23.86 and a 200-day moving average price of $23.00. The company has a market cap of $6.53 billion, a price-to-earnings ratio of -35.44, a PEG ratio of 1.62 and a beta of 2.10. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 EPS. As a group, equities analysts anticipate that Macerich will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, September 14th were paid a $0.17 dividend. The ex-dividend date was Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. Macerich's dividend payout ratio (DPR) is presently -104.62%.

Macerich Company Profile

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich's properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.

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