Macerich Company (The) (NYSE:MAC) Given Average Rating of "Hold" by Analysts

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 given an average recommendation of "Hold" by the twelve research firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, five have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $19.7833.

MAC has been the subject of a number of recent analyst reports. Scotiabank boosted their target price on shares of Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday. Truist Financial boosted their target price on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective for the company in a research note on Thursday, May 22nd. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Finally, Wall Street Zen lowered shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd.

Institutional Trading of Macerich

Hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC purchased a new position in Macerich in the fourth quarter valued at about $45,000. Fifth Third Bancorp lifted its position in shares of Macerich by 47.7% during the second quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 972 shares during the last quarter. State of Wyoming bought a new stake in shares of Macerich in the 4th quarter valued at about $55,000. Signaturefd LLC grew its position in shares of Macerich by 34.9% in the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after buying an additional 862 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Macerich by 2,691.6% during the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock worth $57,000 after acquiring an additional 3,203 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Trading Down 0.4%

Shares of MAC traded down $0.07 during trading hours on Friday, reaching $18.43. 1,060,829 shares of the company traded hands, compared to its average volume of 1,766,827. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of -10.53, a PEG ratio of 3.55 and a beta of 2.22. Macerich has a 12-month low of $12.48 and a 12-month 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. The stock's fifty day moving average price is $16.93 and its 200 day moving average price is $16.52.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The company had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 earnings per share. Sell-side analysts forecast that Macerich will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

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

About Macerich

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.