Macerich (NYSE:MAC) Downgraded to "Sell" Rating by Wall Street Zen

Key Points

• Macerich has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a shift in investor sentiment.
• Scotiabank cut its price target for Macerich from $21.00 to $16.00, while Mizuho lowered its target to $18.00 but raised its rating to "outperform."
• Macerich reported a quarterly EPS of $0.33, beating expectations, with a revenue increase of 19.3% year-over-year, despite negative margins and returns.

Wall Street Zen downgraded shares of Macerich (NYSE:MAC - Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

Other analysts also recently issued reports about the company. Scotiabank decreased their price objective on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and decreased their price target for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a research report on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective on the stock. Truist Financial lifted their price objective 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. Finally, Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a research report on Thursday, May 22nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.26.

Macerich Trading Up 2.3%

Shares of Macerich stock traded up $0.37 during trading on Friday, hitting $16.51. The stock had a trading volume of 1,262,834 shares, compared to its average volume of 2,008,394. Macerich has a 12 month low of $12.48 and a 12 month high of $22.27. The stock has a market cap of $4.17 billion, a PE ratio of -38.39, a PEG ratio of 3.12 and a beta of 2.22. The firm's fifty day simple moving average is $16.33 and its 200-day simple moving average is $16.92. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.09 and a quick ratio of 1.09.

Macerich (NYSE:MAC - Get Free Report) last released its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The business had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. During the same period last year, the company earned $0.33 earnings per share. The business's revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, sell-side analysts expect that Macerich will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Macerich's dividend payout ratio (DPR) is -158.14%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Lazard Asset Management LLC acquired a new position in Macerich in the 4th quarter valued at $45,000. Fifth Third Bancorp raised its stake in Macerich by 47.7% in the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust's stock valued at $49,000 after purchasing an additional 972 shares during the last quarter. State of Wyoming acquired a new position in Macerich in the 4th quarter valued at $55,000. Signaturefd LLC raised its stake in Macerich by 34.9% in the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 862 shares during the last quarter. Finally, Quarry LP raised its stake in Macerich by 2,691.6% in the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 3,203 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

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.