Analysts Set The Macerich Company (NYSE:MAC) Target Price at $18.95

The Macerich Company (NYSE:MAC - Get Free Report) has received an average rating of "Hold" from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $18.95.

Several analysts have issued reports on MAC shares. Morgan Stanley lowered their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group lowered their price objective on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research report on Monday, March 10th. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research note on Monday, March 10th. Finally, Truist Financial upgraded Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target for the company in a research report on Thursday, April 10th.

Hedge Funds Weigh In On Macerich

Large investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new stake in Macerich during the fourth quarter valued at about $30,000. Lazard Asset Management LLC bought a new stake in shares of Macerich in the 4th quarter valued at about $45,000. Blue Trust Inc. lifted its stake in shares of Macerich by 68.8% in the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after acquiring an additional 1,064 shares during the last quarter. State of Wyoming purchased a new stake in Macerich during the 4th quarter valued at about $55,000. Finally, Quarry LP grew its position in 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 during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

Shares of NYSE:MAC traded down $0.34 during midday trading on Wednesday, reaching $14.89. 1,240,151 shares of the company traded hands, compared to its average volume of 1,925,604. The firm's fifty day moving average price is $15.35 and its two-hundred day moving average price is $18.29. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 38.17, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 12 month low of $12.48 and a 12 month high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm had revenue of $249.22 million for the quarter, compared to analysts' expectations of $221.61 million. During the same period in the prior year, the business posted $0.33 earnings per share. The company's revenue was up 19.3% on a year-over-year basis. On average, equities analysts expect 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, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.57%. Macerich's payout ratio is -158.14%.

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.