Deutsche Bank AG Boosts The Macerich Co. (MAC) Price Target to $87.00
The Macerich Co. (NYSE:MAC) had its price target increased by investment analysts at Deutsche Bank AG from $84.00 to $87.00 in a research note issued to investors on Tuesday. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Deutsche Bank AG’s target price would indicate a potential upside of 10.13% from the stock’s previous close.
Several other analysts have also issued reports on the company. BTIG Research initiated coverage on The Macerich in a research note on Thursday, August 25th. They issued a “buy” rating and a $97.00 target price on the stock. Canaccord Genuity boosted their target price on The Macerich from $80.00 to $84.00 and gave the company a “hold” rating in a research note on Tuesday, August 16th. Jefferies Group boosted their target price on The Macerich from $86.00 to $88.00 and gave the company a “hold” rating in a research note on Wednesday, August 31st. JPMorgan Chase & Co. boosted their target price on The Macerich from $83.00 to $87.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. Finally, Zacks Investment Research lowered The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $87.93.
The Macerich (NYSE:MAC) traded down 0.71% during mid-day trading on Tuesday, reaching $78.44. The company had a trading volume of 134,558 shares. The stock has a 50 day moving average price of $81.73 and a 200-day moving average price of $81.22. The stock has a market capitalization of $11.27 billion, a P/E ratio of 13.18 and a beta of 0.90. The Macerich has a 12-month low of $71.82 and a 12-month high of $94.51.
The Macerich (NYSE:MAC) last issued its earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The firm had revenue of $259.90 million for the quarter, compared to analyst estimates of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The business’s revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. Equities analysts anticipate that The Macerich will post $4.11 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.44%. The ex-dividend date was Wednesday, August 17th. The Macerich’s payout ratio is 45.87%.
In other news, EVP Randy L. Brant sold 24,250 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $83.10, for a total value of $2,015,175.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert D. Perlmutter sold 1,500 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $89.79, for a total value of $134,685.00. The disclosure for this sale can be found here. Corporate insiders own 3.54% of the company’s stock.
Several institutional investors have recently bought and sold shares of MAC. Checchi Capital Advisers LLC boosted its position in The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of The Macerich by 46.7% in the second quarter. Advisors Asset Management Inc. now owns 2,129 shares of the real estate investment trust’s stock valued at $182,000 after buying an additional 678 shares in the last quarter. MU Investments Co. Ltd. bought a new stake in shares of The Macerich during the second quarter valued at $185,000. Ameritas Investment Partners Inc. bought a new stake in shares of The Macerich during the second quarter valued at $203,000. Finally, Eii Capital Management Inc. boosted its stake in shares of The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $205,000 after buying an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.
About The Macerich
The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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