Analysts Set Macerich Company (The) (NYSE:MAC) Target Price at $19.76

Macerich Company (The) (NYSE:MAC) has received a consensus rating of “Hold” from the fourteen brokerages that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $20.2615.

Several analysts have commented on MAC shares. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Citigroup raised their target price on Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday. KeyCorp set a $25.00 price target on Macerich and gave the company an “overweight” rating in a research report on Monday. Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Finally, Scotiabank raised their price objective on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th.

Macerich Stock Performance

NYSE:MAC opened at $20.77 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 2.01. The firm’s fifty day simple moving average is $18.84 and its 200 day simple moving average is $18.03. The stock has a market cap of $5.33 billion, a P/E ratio of -26.97, a price-to-earnings-growth ratio of 1.41 and a beta of 2.16. Macerich has a twelve month low of $12.48 and a twelve month high of $20.90.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.43 by ($0.50). The company had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.47 earnings per share. As a group, research analysts predict that Macerich will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 annualized dividend and a yield of 3.3%. Macerich’s payout ratio is presently -88.31%.

Hedge Funds Weigh In On Macerich

Large investors have recently made changes to their positions in the business. State Street Corp grew its stake in shares of Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after buying an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Macerich by 17.7% in the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after acquiring an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Macerich by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after acquiring an additional 70,132 shares during the last quarter. Centersquare Investment Management LLC increased its holdings in shares of Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after acquiring an additional 3,808,336 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Macerich by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock worth $93,030,000 after purchasing an additional 123,769 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

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.