Macerich Company (The) (NYSE:MAC) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Macerich received a “Moderate Buy” consensus rating from 16 analysts, with nine buy ratings, one strong buy, five holds and one sell. The average 12-month price target is $26.00, above the reported $23.28 share price.
• The REIT reported quarterly EPS of -$0.10, missing the consensus estimate of -$0.05, although revenue of $249.71 million exceeded expectations of $239.77 million.
• Macerich declared a quarterly dividend of $0.17 per share, equivalent to an annualized $0.68 dividend and a 2.9% yield. Institutional investors own 87.38% of the company’s outstanding stock.

Macerich Company (The) (NYSE:MAC - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the sixteen research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $26.00.

A number of equities research analysts have issued reports on MAC shares. KeyCorp boosted their price target on Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. Piper Sandler raised shares of Macerich from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $28.00 to $30.00 in a report on Thursday, August 27th. Citigroup boosted their target price on shares of Macerich from $28.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Finally, Wall Street Zen raised shares of Macerich from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th.

Macerich Price Performance

Shares of MAC opened at $23.28 on Tuesday. The firm has a fifty day simple moving average of $24.85 and a two-hundred day simple moving average of $22.63. The firm has a market cap of $6.60 billion, a PE ratio of -35.82, a P/E/G ratio of 1.67 and a beta of 2.06. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich has a 1-year low of $16.03 and a 1-year high of $26.67.

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

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 2.9%. Macerich's payout ratio is -104.62%.

Institutional Trading of Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in shares of Macerich by 20.1% during the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust's stock valued at $1,338,000 after acquiring an additional 13,018 shares during the period. AQR Capital Management LLC raised its stake in Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock worth $640,000 after acquiring an additional 813 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Macerich by 10.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust's stock valued at $2,551,000 after purchasing an additional 13,782 shares in the last quarter. Millennium Management LLC lifted its holdings in Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust's stock valued at $15,570,000 after purchasing an additional 716,394 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust's stock worth $453,000 after purchasing an additional 2,983 shares during the period. Hedge funds and other institutional investors own 87.38% of the company's stock.

About Macerich

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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