Macerich Company (The) (NYSE:MAC) Receives Average Recommendation of "Hold" from Brokerages

Key Points

• Macerich Company (NYSE: MAC) has received an average rating of "Hold" from twelve brokerages, with ratings ranging from two sell, five hold, and five buy ratings.
• The company recently reported a quarterly revenue of $249.79 million, which surpassed analysts' expectations, although it missed EPS estimates with a reported $0.32.
• Macerich announced a quarterly dividend of $0.17, contributing to an annualized yield of 3.7%.

Macerich Company (The) (NYSE:MAC - Get Free Report) has been assigned an average recommendation of "Hold" from the twelve analysts that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $19.7833.

A number of analysts have commented on the stock. Truist Financial boosted their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a report on Thursday, May 22nd. JPMorgan Chase & Co. boosted their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Wednesday, August 27th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They issued a "buy" rating and a $25.00 target price on the stock.

Macerich Stock Performance

NYSE:MAC traded up $0.34 during mid-day trading on Friday, hitting $18.46. The stock had a trading volume of 1,322,898 shares, compared to its average volume of 1,649,184. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -10.55, a P/E/G ratio of 3.55 and a beta of 2.27. The company has a 50 day simple moving average of $17.06 and a 200-day simple moving average of $16.51. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm had revenue of $249.79 million during the quarter, compared to the consensus estimate of $245.19 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts expect that Macerich will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, September 9th. Macerich's payout ratio is presently -38.86%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Macerich by 2.2% in the first 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 in the last quarter. Assetmark Inc. increased its position in shares of Macerich by 4.5% in the first quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust's stock worth $335,000 after acquiring an additional 839 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Macerich by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust's stock worth $100,000 after acquiring an additional 858 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its position in shares of Macerich by 2.4% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 36,060 shares of the real estate investment trust's stock worth $619,000 after acquiring an additional 860 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after acquiring an additional 862 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other 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.