Macerich (NYSE:MAC) Price Target Raised to $20.00

Macerich (NYSE:MAC) had its price objective increased by Truist Financial from $19.00 to $20.00 in a research note published on Tuesday morning, MarketBeat.com reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on MAC. Scotiabank raised their price target on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, November 13th. Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and upped their price target for the company from $19.00 to $23.00 in a report on Friday, September 26th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Macerich in a report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.76.

Macerich Stock Down 1.1%

MAC stock opened at $18.40 on Tuesday. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $21.12. The company’s 50 day moving average price is $18.01 and its 200 day moving average price is $17.62. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of -11.57, a PEG ratio of 3.57 and a beta of 2.06.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The firm had revenue of $253.26 million for the quarter, compared to analyst estimates of $246.77 million. During the same quarter last year, the firm earned $0.38 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts anticipate that Macerich will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 15th were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. Macerich’s dividend payout ratio (DPR) is -42.77%.

Institutional Trading of Macerich

Large investors have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in Macerich by 20.1% in the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock valued at $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC grew its holdings in shares of Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Macerich by 10.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after acquiring an additional 13,782 shares during the period. Millennium Management LLC raised its stake in Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after acquiring an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in Macerich by 12.8% during the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after acquiring an additional 2,983 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.