Analysts Set Macerich Company (The) (NYSE:MAC) Target Price at $25.14

Shares of Macerich Company (The) (NYSE:MAC) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $25.3333.

Several research analysts recently weighed in on MAC shares. Evercore set a $24.00 price target on shares of Macerich in a report on Tuesday, July 7th. Morgan Stanley increased their price target on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, June 18th. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Scotiabank lifted their target price on Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a report on Thursday, June 18th. Finally, Truist Financial upped their price target on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd.

Macerich Trading Up 2.0%

NYSE MAC opened at $25.82 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The business has a fifty day simple moving average of $24.21 and a 200 day simple moving average of $21.30. Macerich has a 12 month low of $15.94 and a 12 month high of $26.23. The firm has a market capitalization of $7.32 billion, a P/E ratio of -36.36, a PEG ratio of 1.78 and a beta of 2.06.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same period in the previous year, the firm earned $0.33 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts predict that Macerich will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. Macerich’s dividend payout ratio (DPR) is -95.77%.

Institutional Trading of Macerich

Institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB raised its position in Macerich by 17.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 90,356 shares of the real estate investment trust’s stock valued at $2,276,000 after purchasing an additional 13,100 shares during the last quarter. Wealth Science Advisors LLC purchased a new stake in shares of Macerich in the 2nd quarter worth about $1,051,000. GAMMA Investing LLC boosted its position in Macerich by 16.3% during the 2nd quarter. GAMMA Investing LLC now owns 9,056 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 1,270 shares in the last quarter. Bank of America Corp DE raised its holdings in Macerich by 117.7% in the first quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust’s stock worth $42,345,000 after purchasing an additional 1,211,091 shares in the last quarter. Finally, Kentucky Retirement Systems bought a new position in Macerich in the first quarter worth $219,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Company Profile

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.