The Macerich Co. (MAC) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of The Macerich Co. (NYSE:MAC) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $88.00 price target on the real estate investment trust’s stock.
According to Zacks, “Macerich recently celebrated the official opening of the expanded and the redeveloped Broadway Plaza in Walnut Creek, CA. This move is in sync with its strategy to add more value to its well-located properties through redevelopment. Going forward, Macerich’s premium portfolio, presence of well-capitalized tenants in its centers, aggressive capital-recycling program and adoption of omni-channel retailing strategies are expected to aid its top-line growth. However, geographic concentration of assets, competition and any hike in interest rate remain as concerns.”
Other equities analysts have also issued reports about the stock. BTIG Research started coverage on shares of The Macerich in a report on Thursday, August 25th. They issued a buy rating and a $97.00 price objective on the stock. Deutsche Bank AG increased their price objective on shares of The Macerich from $83.00 to $84.00 and gave the company a hold rating in a report on Monday, July 18th. Jefferies Group increased their price objective on shares of The Macerich from $86.00 to $88.00 and gave the company a hold rating in a report on Wednesday, August 31st. Canaccord Genuity increased their price objective on shares of The Macerich from $80.00 to $84.00 and gave the company a hold rating in a report on Tuesday, August 16th. Finally, JPMorgan Chase & Co. increased their price objective on shares of The Macerich from $83.00 to $87.00 and gave the company a neutral rating in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $88.00.
Shares of The Macerich (NYSE:MAC) traded up 0.10% during midday trading on Wednesday, hitting $76.38. 439,433 shares of the company’s stock were exchanged. The Macerich has a 52 week low of $71.82 and a 52 week high of $94.51. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of 12.83 and a beta of 0.90. The company has a 50-day moving average of $81.36 and a 200-day moving average of $81.17.
The Macerich (NYSE:MAC) last announced its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The business had revenue of $259.90 million for the quarter, compared to analyst estimates of $252.32 million. During the same period in the prior year, the business posted $0.90 earnings per share. The Macerich’s revenue was down 19.5% compared to the same quarter last year. Equities research analysts expect that The Macerich will post $4.11 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Friday, August 19th were issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Wednesday, August 17th. The Macerich’s dividend payout ratio is currently 45.87%.
In other The Macerich news, EVP Randy L. Brant sold 24,250 shares of the firm’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $83.10, for a total value of $2,015,175.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert D. Perlmutter sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $89.79, for a total transaction of $134,685.00. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised 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 valued at $168,000 after buying an additional 82 shares in the last quarter. Forum Securities Ltd raised its position in The Macerich by 0.3% in the second quarter. Forum Securities Ltd now owns 25,559 shares of the real estate investment trust’s stock valued at $2,182,000 after buying an additional 82 shares in the last quarter. Presima Inc. raised its position in The Macerich by 1.4% in the second quarter. Presima Inc. now owns 7,000 shares of the real estate investment trust’s stock valued at $598,000 after buying an additional 100 shares in the last quarter. Norinchukin Bank The raised its stake in shares of The Macerich by 4.3% in the second quarter. Norinchukin Bank The now owns 2,768 shares of the real estate investment trust’s stock valued at $236,000 after buying an additional 113 shares during the period. Finally, DNB Asset Management AS raised its stake in shares of The Macerich by 1.9% in the second quarter. DNB Asset Management AS now owns 10,595 shares of the real estate investment trust’s stock valued at $905,000 after buying an additional 200 shares during the period. 94.66% of the stock is currently owned by hedge funds and other institutional investors.
The Macerich Company Profile
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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