Scotiabank Lowers Macerich (NYSE:MAC) to Sector Underperform

Scotiabank downgraded shares of Macerich (NYSE:MACFree Report) from a sector perform rating to a sector underperform rating in a research note issued to investors on Friday morning, MarketBeat reports. They currently have $14.00 target price on the real estate investment trust’s stock, down from their prior target price of $16.00.

Several other equities research analysts have also recently weighed in on the stock. Truist Financial restated a hold rating and issued a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Citigroup upgraded shares of Macerich from a sell rating to a neutral rating and boosted their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Piper Sandler downgraded shares of Macerich from a neutral rating to an underweight rating and lowered their price target for the company from $17.00 to $11.00 in a report on Wednesday, May 1st. Mizuho reduced their price objective on Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a research note on Wednesday, May 1st. Finally, Compass Point lowered their price objective on Macerich from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, May 1st. Five analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $14.71.

Read Our Latest Research Report on Macerich

Macerich Stock Performance

NYSE MAC opened at $15.54 on Friday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. Macerich has a 1-year low of $9.05 and a 1-year high of $17.69. The business has a 50 day simple moving average of $15.90 and a two-hundred day simple moving average of $15.08. The stock has a market capitalization of $3.35 billion, a PE ratio of -9.96, a P/E/G ratio of 1.78 and a beta of 2.38.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 4.38%. Macerich’s dividend payout ratio (DPR) is presently -43.59%.

Insider Transactions at Macerich

In other Macerich news, insider Ann C. Menard acquired 4,865 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was bought at an average price of $15.40 per share, for a total transaction of $74,921.00. Following the acquisition, the insider now directly owns 20,633 shares in the company, valued at $317,748.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Ann C. Menard purchased 4,865 shares of Macerich stock in a transaction that occurred on Wednesday, May 8th. The shares were bought at an average price of $15.40 per share, with a total value of $74,921.00. Following the purchase, the insider now directly owns 20,633 shares of the company’s stock, valued at approximately $317,748.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kenneth Volk acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average price of $15.40 per share, with a total value of $77,000.00. Following the acquisition, the executive vice president now directly owns 51,924 shares in the company, valued at $799,629.60. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 163,365 shares of company stock worth $2,358,681 and have sold 172,964 shares worth $2,940,030. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Norges Bank bought a new position in Macerich during the 4th quarter worth about $22,210,000. Wellington Management Group LLP bought a new position in shares of Macerich during the fourth quarter valued at approximately $18,938,000. Russell Investments Group Ltd. increased its holdings in Macerich by 1,845.1% during the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock valued at $20,133,000 after buying an additional 1,108,770 shares during the period. Waterfront Capital Partners LLC bought a new position in Macerich in the fourth quarter worth approximately $14,609,000. Finally, Jessup Wealth Management Inc purchased a new stake in Macerich during the first quarter worth $7,222,000. Institutional investors own 87.38% of the company’s stock.

About Macerich

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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.

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Analyst Recommendations for Macerich (NYSE:MAC)

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