Mizuho Cuts Macerich (NYSE:MAC) Price Target to $14.00

Macerich (NYSE:MAC) had its target price decreased by Mizuho from $17.00 to $14.00 in a research note released on Wednesday, Benzinga reports. Mizuho currently has an underperform rating on the real estate investment trust’s stock.

MAC has been the subject of a number of other research reports. 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 upgraded Macerich from a sell rating to a neutral rating and upped their price objective for the stock from $8.00 to $17.00 in a research note on Friday, March 22nd. The Goldman Sachs Group lifted their target price on Macerich from $9.00 to $13.00 and gave the company a sell rating in a research note on Thursday, January 11th. Piper Sandler lowered shares of Macerich from a neutral rating to an underweight rating and decreased their price target for the company from $17.00 to $11.00 in a research report on Wednesday. Finally, StockNews.com lowered shares of Macerich from a hold rating to a sell rating in a research note on Tuesday. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Macerich currently has a consensus rating of Hold and an average price target of $14.83.

Macerich Stock Performance

MAC stock opened at $13.46 on Wednesday. Macerich has a twelve month low of $9.05 and a twelve month high of $17.69. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -8.63, a PEG ratio of 1.55 and a beta of 2.38. The business’s fifty day simple moving average is $16.24 and its two-hundred day simple moving average is $14.63. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 EPS. Analysts predict that Macerich will post 1.8 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 annualized dividend and a dividend yield of 5.05%. Macerich’s payout ratio is currently -43.59%.

Insider Activity at Macerich

In other Macerich news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Edward C. Coppola sold 20,000 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the transaction, the director now directly owns 635,667 shares in the company, valued at $10,812,695.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Edward C. Coppola sold 50,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the sale, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The disclosure for this sale can be found here. Insiders have sold a total of 172,964 shares of company stock valued at $2,940,030 in the last ninety days. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Macerich

A number of hedge funds have recently modified their holdings of MAC. Norges Bank acquired a new position in Macerich in the fourth quarter valued at approximately $22,210,000. Wellington Management Group LLP purchased a new position in shares of Macerich during the 4th quarter valued at approximately $18,938,000. Waterfront Capital Partners LLC acquired a new position in shares of Macerich in the 4th quarter valued at $14,609,000. Jessup Wealth Management Inc purchased a new stake in Macerich during the first quarter worth $7,222,000. Finally, Commonwealth Equity Services LLC grew its position in Macerich by 3,114.0% during the first quarter. Commonwealth Equity Services LLC now owns 428,936 shares of the real estate investment trust’s stock valued at $7,391,000 after buying an additional 415,590 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

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.