Macerich (NYSE:MAC) Receives “Sell” Rating from BMO Capital Markets

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BMO Capital Markets reiterated their sell rating on shares of Macerich (NYSE:MAC) in a report released on Tuesday, AnalystRatings.com reports. The firm currently has a $24.00 price objective on the real estate investment trust’s stock.

A number of other analysts have also recently commented on the stock. Evercore ISI restated a buy rating and issued a $30.00 price objective on shares of Macerich in a research report on Sunday, February 9th. ValuEngine upgraded shares of Macerich from a sell rating to a hold rating in a research report on Friday, January 3rd. Jefferies Financial Group cut shares of Macerich from a hold rating to an underperform rating and lowered their price objective for the company from $29.00 to $19.00 in a research report on Wednesday, January 15th. Mizuho cut shares of Macerich from a neutral rating to an underperform rating and set a $24.00 price objective for the company. in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. upgraded Macerich from an underweight rating to a neutral rating and lowered their target price for the stock from $40.00 to $34.00 in a report on Wednesday, December 18th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $28.43.

MAC opened at $22.84 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.84 and a debt-to-equity ratio of 1.98. Macerich has a 12 month low of $22.25 and a 12 month high of $44.73. The company has a fifty day simple moving average of $24.92 and a 200 day simple moving average of $27.90. The stock has a market cap of $3.67 billion, a P/E ratio of 33.59, a P/E/G ratio of 5.59 and a beta of 0.77.

Macerich (NYSE:MAC) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.79). Macerich had a net margin of 10.44% and a return on equity of 3.28%. The firm had revenue of $241.84 million during the quarter, compared to the consensus estimate of $226.97 million. During the same quarter in the prior year, the company earned $1.09 EPS. Macerich’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities research analysts expect that Macerich will post 3.42 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 3rd. Shareholders of record on Friday, February 21st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 13.13%. The ex-dividend date is Thursday, February 20th. Macerich’s dividend payout ratio (DPR) is presently 84.75%.

In other news, CAO Christopher J. Zecchini sold 1,500 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $27.70, for a total transaction of $41,550.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,672 shares in the company, valued at approximately $157,114.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Edward C. Coppola acquired 10,000 shares of Macerich stock in a transaction dated Wednesday, February 12th. The shares were acquired at an average price of $23.30 per share, with a total value of $233,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 28,417 shares of company stock valued at $696,715. Corporate insiders own 1.73% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Macerich by 1.1% during the 2nd quarter. BlackRock Inc. now owns 11,691,318 shares of the real estate investment trust’s stock worth $391,543,000 after buying an additional 123,293 shares during the last quarter. State Street Corp lifted its stake in Macerich by 5.9% in the 3rd quarter. State Street Corp now owns 9,257,683 shares of the real estate investment trust’s stock valued at $292,450,000 after purchasing an additional 515,016 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Macerich by 5.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 5,039,806 shares of the real estate investment trust’s stock valued at $135,672,000 after purchasing an additional 268,934 shares during the last quarter. Smead Capital Management Inc. lifted its stake in Macerich by 18.7% in the 4th quarter. Smead Capital Management Inc. now owns 2,321,240 shares of the real estate investment trust’s stock valued at $62,488,000 after purchasing an additional 366,432 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Macerich by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 2,107,679 shares of the real estate investment trust’s stock valued at $56,738,000 after purchasing an additional 259,643 shares during the last quarter.

Macerich Company Profile

Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Analyst Recommendations for Macerich (NYSE:MAC)

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