Macerich (NYSE:MAC) Given New $14.00 Price Target at Mizuho

Macerich (NYSE:MAC) had its price target trimmed by Mizuho from $17.00 to $14.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an underperform rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on MAC. StockNews.com lowered Macerich from a hold rating to a sell rating in a report on Tuesday. Citigroup upgraded Macerich from a sell rating to a neutral rating and increased their price target for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. The Goldman Sachs Group boosted their price objective on Macerich from $9.00 to $13.00 and gave the company a sell rating in a research note on Thursday, January 11th. Truist Financial reaffirmed a hold rating and set a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. Finally, Piper Sandler downgraded shares of Macerich from a neutral rating to an underweight rating and reduced their target price for the stock from $17.00 to $11.00 in a research note on Wednesday. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $14.83.

Macerich Stock Performance

Shares of Macerich stock opened at $13.46 on Wednesday. The company has a market cap of $2.90 billion, a PE ratio of -8.63, a price-to-earnings-growth ratio of 1.55 and a beta of 2.38. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The business has a 50 day moving average price of $16.24 and a 200-day moving average price of $14.63.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. Macerich’s revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $0.53 earnings per share. Equities analysts anticipate that Macerich will post 1.8 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 5.05%. The ex-dividend date is Friday, May 17th. Macerich’s payout ratio is -43.59%.

Insiders Place Their Bets

In other news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the sale, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Edward C. Coppola sold 50,000 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock worth $2,940,030 in the last ninety days. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Macerich

Hedge funds have recently made changes to their positions in the business. CWM LLC lifted its stake in Macerich by 51.0% in the third quarter. CWM LLC now owns 5,409 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 1,826 shares during the last quarter. Raymond James & Associates boosted its position in Macerich by 36.5% during the 3rd quarter. Raymond James & Associates now owns 24,651 shares of the real estate investment trust’s stock valued at $269,000 after buying an additional 6,588 shares during the period. Vert Asset Management LLC grew its holdings in Macerich by 3.9% in the 3rd quarter. Vert Asset Management LLC now owns 87,870 shares of the real estate investment trust’s stock worth $959,000 after acquiring an additional 3,328 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Macerich by 6.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 82,539 shares of the real estate investment trust’s stock valued at $900,000 after acquiring an additional 5,301 shares during the last quarter. Finally, Advisor Partners II LLC boosted its holdings in shares of Macerich by 32.8% during the third quarter. Advisor Partners II LLC now owns 13,547 shares of the real estate investment trust’s stock worth $148,000 after purchasing an additional 3,346 shares during the period. 87.38% of the stock is currently owned by 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.