Macerich (NYSE:MAC) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Macerich (NYSE:MAC) from a neutral rating to an overweight rating in a research note published on Thursday, Marketbeat.com reports. The brokerage currently has $26.00 price target on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the company. Morgan Stanley boosted their target price on Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, June 18th. Scotiabank raised their price target on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Griffin Securities set a $26.00 price target on Macerich in a research note on Tuesday, August 18th. Evercore upgraded Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research report on Monday, September 21st. Finally, Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Macerich has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

Macerich Price Performance

Shares of NYSE:MAC opened at $22.64 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The stock has a market cap of $6.42 billion, a PE ratio of -34.84, a PEG ratio of 1.63 and a beta of 2.06. The company’s fifty day moving average is $24.14 and its 200 day moving average is $22.87. Macerich has a 52 week low of $16.03 and a 52 week high of $26.67.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The business’s quarterly revenue was up .0% on a year-over-year basis. Research analysts anticipate that Macerich will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 14th. Macerich’s dividend payout ratio is presently -104.62%.

Insider Transactions at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the transaction, the chief accounting officer owned 847 shares of the company’s stock, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.21% of the company’s stock.

Institutional Trading of Macerich

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. Quantbot Technologies LP bought a new stake in Macerich during the second quarter worth about $1,476,000. Quantinno Capital Management LP increased its stake in shares of Macerich by 165.6% during the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after purchasing an additional 87,626 shares in the last quarter. Wealth Science Advisors LLC purchased a new position in shares of Macerich during the second quarter valued at approximately $1,051,000. Bank of New York Mellon Corp purchased a new position in shares of Macerich during the second quarter valued at approximately $59,962,000. Finally, Centersquare Investment Management LLC boosted its position in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after purchasing an additional 3,808,336 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

About Macerich

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.