Macerich Company (The) (NYSE:MAC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Macerich has a consensus analyst rating of “Moderate Buy” from 15 brokerages, with an average 1-year price target of about $25.14.
• Recent analyst updates were mostly positive, including higher price targets from Truist, Mizuho, Deutsche Bank, and LADENBURG THALM/SH, while Wall Street Zen only moved the stock up to hold.
• The REIT recently beat quarterly expectations, posting $0.34 EPS versus $0.31 expected and revenue of $241.54 million, and it also paid a quarterly dividend of $0.17 per share for a 2.6% yield.

Macerich Company (The) (NYSE:MAC - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the fifteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $25.1429.

Several research analysts recently commented on MAC shares. Truist Financial boosted their price target on Macerich from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Mizuho increased their price target on Macerich from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Friday, May 15th. Deutsche Bank Aktiengesellschaft upgraded Macerich from a "hold" rating to a "buy" rating and raised their price objective for the company from $20.00 to $27.00 in a research note on Tuesday, June 2nd. LADENBURG THALM/SH SH lifted their price objective on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Finally, Wall Street Zen raised Macerich from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th.

Macerich Stock Performance

Macerich stock opened at $25.92 on Monday. Macerich has a 12-month low of $15.94 and a 12-month high of $26.23. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of -36.50, a price-to-earnings-growth ratio of 1.74 and a beta of 2.06. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. The firm's fifty day moving average price is $23.85 and its 200 day moving average price is $21.07.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. The firm had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm's revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. On average, research analysts forecast that Macerich will post 1.48 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, June 15th. Macerich's payout ratio is -95.77%.

Institutional Trading of Macerich

Several institutional investors have recently added to or reduced their stakes in MAC. State Street Corp increased its position in shares of Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust's stock worth $245,322,000 after purchasing an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock worth $250,242,000 after purchasing an additional 2,034,338 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Macerich by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust's stock worth $122,008,000 after purchasing an additional 70,132 shares during the last quarter. Centersquare Investment Management LLC grew its stake in Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock worth $117,307,000 after purchasing an additional 3,808,336 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Macerich by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust's stock worth $93,030,000 after purchasing an additional 123,769 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

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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