Macerich (NYSE:MAC) Given New $24.00 Price Target at Mizuho

Macerich (NYSE:MAC) had its target price upped by Mizuho from $23.00 to $24.00 in a research report sent to investors on Friday morning, MarketBeat reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on MAC. Weiss Ratings upgraded shares of Macerich from a “sell (d)” rating to a “hold (c-)” rating in a research report on Monday. Scotiabank upgraded shares of Macerich from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $19.00 to $22.00 in a research report on Monday, March 30th. Wall Street Zen upgraded shares of Macerich from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 9th. Morgan Stanley set a $20.00 price target on shares of Macerich in a research report on Tuesday, April 14th. Finally, KeyCorp set a $25.00 target price on Macerich and gave the company an “overweight” rating in a research note on Monday, February 23rd. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $21.54.

Macerich Stock Performance

NYSE MAC opened at $21.57 on Friday. Macerich has a 1 year low of $14.82 and a 1 year high of $22.56. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of -30.38, a PEG ratio of 1.52 and a beta of 2.12. The company has a fifty day moving average price of $20.38 and a 200-day moving average price of $19.04.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. The company had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. As a group, equities research analysts predict that Macerich will post 1.46 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 15th. Macerich’s dividend payout ratio (DPR) is currently -95.77%.

Hedge Funds Weigh In On Macerich

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB bought a new position in Macerich during the third quarter worth about $5,326,000. Centersquare Investment Management LLC boosted its position in Macerich by 8.9% during the third quarter. Centersquare Investment Management LLC now owns 2,546,325 shares of the real estate investment trust’s stock worth $46,343,000 after purchasing an additional 207,395 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Macerich by 39.2% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 388,219 shares of the real estate investment trust’s stock worth $7,066,000 after purchasing an additional 109,413 shares during the period. Triad Investment Management bought a new position in Macerich during the fourth quarter worth about $3,820,000. Finally, DigitalBridge Group Inc. bought a new position in Macerich during the third quarter worth about $9,146,000. Institutional investors own 87.38% of the company’s stock.

About Macerich

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.