Macerich (NYSE:MAC) Given New $19.00 Price Target at Scotiabank

Macerich (NYSE:MAC) had its target price raised by Scotiabank from $18.00 to $19.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on the stock. Evercore ISI upped their price target on shares of Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. JPMorgan Chase & Co. lifted their target price on Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 27th. Bank of America raised shares of Macerich from a “neutral” rating to a “buy” rating and boosted their price target for the company from $19.00 to $23.00 in a report on Friday, September 26th. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a report on Friday, July 18th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Wall Street Zen lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $19.95.

Macerich Stock Performance

MAC traded down $0.08 on Thursday, reaching $17.19. The stock had a trading volume of 1,179,656 shares, compared to its average volume of 1,985,376. The company has a market cap of $4.40 billion, a P/E ratio of -9.82, a price-to-earnings-growth ratio of 2.96 and a beta of 2.25. Macerich has a 12-month low of $12.48 and a 12-month high of $22.27. The business’s 50-day moving average price is $17.56 and its two-hundred day moving average price is $16.85. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $253.26 million for the quarter, compared to analyst estimates of $246.77 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. Macerich’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. Sell-side analysts forecast that Macerich will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 15th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.0%. The ex-dividend date is Monday, December 15th. Macerich’s dividend payout ratio (DPR) is presently -42.77%.

Hedge Funds Weigh In On Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp increased its stake in Macerich by 47.7% in the second quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 972 shares during the period. Signaturefd LLC increased its position in shares of Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 862 shares in the last quarter. Quarry LP boosted its stake in shares of Macerich by 2,691.6% in the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 3,203 shares during the period. Archer Investment Corp bought a new position in Macerich during the 1st quarter valued at $98,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Macerich by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 691 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

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.