Macerich (NYSE:MAC) Price Target Cut to $18.00

Macerich (NYSE:MAC) had its target price cut by Compass Point from $20.00 to $18.00 in a research note published on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

MAC has been the topic of a number of other research reports. Mizuho decreased their price objective on shares of Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a report on Wednesday. Truist Financial reaffirmed a hold rating and issued a $16.00 price target on shares of Macerich in a report on Monday, March 25th. Piper Sandler downgraded shares of Macerich from a neutral rating to an underweight rating and reduced their price target for the company from $17.00 to $11.00 in a report on Wednesday. StockNews.com downgraded shares of Macerich from a hold rating to a sell rating in a report on Tuesday. Finally, Citigroup raised shares of Macerich from a sell rating to a neutral rating and upped their price target for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $14.83.

Macerich Stock Performance

MAC stock opened at $14.30 on Wednesday. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The company’s 50-day moving average price is $16.05 and its 200 day moving average price is $14.64. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 EPS. On average, equities analysts expect that Macerich will post 1.77 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date is Friday, May 17th. Macerich’s dividend payout ratio is presently -43.59%.

Insider Activity

In other news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction that occurred 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 owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the transaction, the director now owns 102,900 shares of the company’s stock, valued at $1,743,126. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the transaction, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock valued at $2,940,030 over the last 90 days. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Macerich by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock worth $532,000,000 after acquiring an additional 336,251 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Macerich by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock worth $71,818,000 after acquiring an additional 165,649 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Macerich by 0.9% in the third quarter. Kennedy Capital Management LLC now owns 1,540,033 shares of the real estate investment trust’s stock worth $16,802,000 after acquiring an additional 14,131 shares in the last quarter. Norges Bank acquired a new stake in shares of Macerich in the fourth quarter worth $22,210,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Macerich in the fourth quarter worth $18,938,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.