StockNews.com lowered shares of Macerich (NYSE:MAC – Free Report) from a hold rating to a sell rating in a report published on Tuesday.
Several other equities analysts have also weighed in on the stock. Truist Financial restated a hold rating and set a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Citigroup raised shares of Macerich from a sell rating to a neutral rating and lifted their price target for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group lifted their price target on shares of Macerich from $9.00 to $13.00 and gave the stock a sell rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $14.40.
Macerich Trading Down 14.0 %
Shares of MAC traded down $2.24 during mid-day trading on Tuesday, reaching $13.78. The company had a trading volume of 7,387,947 shares, compared to its average volume of 1,944,784. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of -10.85, a price-to-earnings-growth ratio of 1.76 and a beta of 2.33. The firm has a fifty day simple moving average of $16.31 and a 200-day simple moving average of $14.61. Macerich has a fifty-two week low of $9.05 and a fifty-two week high of $17.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67.
Macerich (NYSE:MAC – Get Free Report) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 EPS. On average, sell-side analysts anticipate that Macerich will post 1.8 EPS for the current fiscal year.
Macerich Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s dividend payout ratio is presently -53.54%.
Insider Activity at Macerich
In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the sale, the director now directly owns 102,900 shares of the company’s stock, valued at $1,743,126. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock valued at $2,940,030 in the last quarter. Insiders own 0.53% of the company’s stock.
Institutional Trading of Macerich
Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC raised its holdings in shares of Macerich by 1,460.3% during the fourth quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock valued at $5,007,000 after acquiring an additional 303,704 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Macerich by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock valued at $48,973,000 after purchasing an additional 31,445 shares in the last quarter. Barclays PLC grew its stake in Macerich by 91.0% in the 3rd quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock valued at $2,421,000 after buying an additional 105,663 shares during the last quarter. SG Americas Securities LLC grew its stake in Macerich by 642.9% in the 3rd quarter. SG Americas Securities LLC now owns 115,705 shares of the real estate investment trust’s stock valued at $1,262,000 after buying an additional 100,131 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Macerich by 15.3% in the 3rd quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock valued at $6,323,000 after buying an additional 76,888 shares during the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.
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.