Zacks Investment Research upgraded shares of Macerich (NYSE:MAC) from a sell rating to a hold rating in a report published on Tuesday.
According to Zacks, “Shares of Macerich have underperformed the industry over the past three months. In addition, the stock has seen the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share being revised downward in a month’s time. The company's fourth-quarter 2017 results reflect a year-over-year decline in revenues. Notably, shrinking footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are expected to adversely affect the company’s performance in the near term. However, Macerich’s increasing adoption of the omni-channel model in retailing is anticipated to enhance the shopping experience and bolster sales volume at tenant stores. Additionally, the company enjoys a premium portfolio and presence of well-capitalized tenants in its roster.”
Other analysts have also issued reports about the company. Morgan Stanley reissued a hold rating on shares of Macerich in a report on Tuesday, February 6th. Sandler O’Neill reissued a hold rating and issued a $63.00 price objective on shares of Macerich in a report on Monday, March 19th. BTIG Research dropped their price objective on Macerich to $66.00 and set a buy rating on the stock in a report on Wednesday, March 14th. Mizuho set a $63.00 price objective on Macerich and gave the company a hold rating in a report on Friday, February 16th. Finally, Boenning Scattergood reaffirmed a buy rating and issued a $75.00 price target on shares of Macerich in a research note on Wednesday, February 7th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $65.83.
Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.11). Macerich had a net margin of 14.71% and a return on equity of 3.91%. The business had revenue of $245.30 million during the quarter, compared to analyst estimates of $237.90 million. During the same period in the previous year, the business posted $1.17 earnings per share. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. equities analysts predict that Macerich will post 3.96 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 2nd. Investors of record on Wednesday, February 21st were given a dividend of $0.74 per share. The ex-dividend date of this dividend was Tuesday, February 20th. This represents a $2.96 dividend on an annualized basis and a yield of 5.17%. Macerich’s payout ratio is 290.20%.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Macerich by 3.7% during the fourth quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock worth $750,223,000 after buying an additional 412,265 shares in the last quarter. Cbre Clarion Securities LLC lifted its position in Macerich by 1,523.7% during the fourth quarter. Cbre Clarion Securities LLC now owns 3,205,186 shares of the real estate investment trust’s stock worth $210,517,000 after buying an additional 3,007,786 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Macerich by 5.2% during the third quarter. Bank of New York Mellon Corp now owns 2,899,041 shares of the real estate investment trust’s stock worth $159,359,000 after buying an additional 143,975 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Macerich by 2.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,047,155 shares of the real estate investment trust’s stock worth $112,533,000 after buying an additional 49,918 shares in the last quarter. Finally, Third Point LLC purchased a new position in Macerich during the third quarter worth approximately $94,878,000. Hedge funds and other institutional investors own 97.14% of the company’s stock.
Macerich Company Profile
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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