The Macerich Co. (MAC) Receives Average Rating of “Hold” from Analysts
The Macerich Co. (NYSE:MAC) has been assigned an average rating of “Hold” from the fourteen research firms that are covering the company. One equities research analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $85.60.
A number of brokerages have commented on MAC. Credit Suisse Group AG reissued a “sell” rating and issued a $78.00 price objective on shares of The Macerich in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. raised their price objective on The Macerich from $83.00 to $87.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. Zacks Investment Research cut The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Canaccord Genuity raised their price objective on The Macerich from $80.00 to $84.00 and gave the company a “hold” rating in a research note on Tuesday, August 16th. Finally, BTIG Research began coverage on The Macerich in a report on Thursday, August 25th. They issued a “buy” rating and a $97.00 target price on the stock.
The Macerich (NYSE:MAC) traded down 1.800% on Wednesday, hitting $67.905. The company had a trading volume of 264,375 shares. The Macerich has a one year low of $66.00 and a one year high of $94.51. The stock has a market capitalization of $9.76 billion, a PE ratio of 11.382 and a beta of 0.84. The stock has a 50 day moving average of $71.96 and a 200-day moving average of $79.48.
The Macerich (NYSE:MAC) last announced its quarterly earnings data on Thursday, October 27th. The real estate investment trust reported $1.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.04. The Macerich had a return on equity of 18.73% and a net margin of 82.09%. The firm earned $253.37 million during the quarter, compared to analysts’ expectations of $257.87 million. During the same quarter last year, the firm posted $1.01 earnings per share. The company’s revenue for the quarter was down 22.3% compared to the same quarter last year. Equities analysts anticipate that The Macerich will post $4.10 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 11th will be paid a $0.71 dividend. The ex-dividend date is Tuesday, November 8th. This is a positive change from The Macerich’s previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a dividend yield of 4.11%. The Macerich’s payout ratio is presently 48.88%.
In other The Macerich news, EVP Robert D. Perlmutter sold 1,500 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $81.52, for a total value of $122,280.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Dana K. Anderson bought 10,000 shares of the stock in a transaction on Wednesday, November 9th. The stock was purchased at an average price of $67.78 per share, for a total transaction of $677,800.00. The disclosure for this purchase can be found here. 3.54% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Tradition Capital Management LLC bought a new position in shares of The Macerich during the second quarter valued at $1,379,000. Advantus Capital Management Inc boosted its position in shares of The Macerich by 5.8% in the second quarter. Advantus Capital Management Inc now owns 282,097 shares of the real estate investment trust’s stock valued at $24,088,000 after buying an additional 15,454 shares during the period. Capital Fund Management S.A. bought a new position in shares of The Macerich during the second quarter valued at $13,005,000. Oakbrook Investments LLC boosted its position in shares of The Macerich by 10.7% in the second quarter. Oakbrook Investments LLC now owns 8,251 shares of the real estate investment trust’s stock valued at $705,000 after buying an additional 800 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of The Macerich by 8.3% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 470,691 shares of the real estate investment trust’s stock valued at $40,192,000 after buying an additional 36,252 shares during the period. Hedge funds and other institutional investors own 91.97% of the company’s stock.
About The Macerich
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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