Macerich Company (The) (NYSE:MAC) Receives $25.14 Consensus Target Price from Analysts

Shares of Macerich Company (The) (NYSE:MAC) have earned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $25.3333.

A number of equities research analysts have recently issued reports on MAC shares. The Goldman Sachs Group boosted their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research report on Friday, May 15th. Citigroup raised shares of Macerich from a “neutral” rating to a “buy” rating and raised their price target for the stock from $24.00 to $28.00 in a research report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. KeyCorp boosted their price objective on shares of Macerich from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. Finally, Truist Financial increased their target price on shares of Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd.

Macerich Price Performance

Shares of NYSE MAC opened at $25.82 on Monday. The firm has a market cap of $7.32 billion, a P/E ratio of -36.36, a price-to-earnings-growth ratio of 1.82 and a beta of 2.06. The business’s 50 day moving average is $24.21 and its 200-day moving average is $21.32. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a 1-year low of $15.94 and a 1-year high of $26.23.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. Equities research analysts predict that Macerich will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. Macerich’s dividend payout ratio is currently -95.77%.

Hedge Funds Weigh In On Macerich

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Triad Investment Management bought a new position in shares of Macerich in the fourth quarter worth $3,820,000. Centersquare Investment Management LLC lifted its position in Macerich by 149.6% during the fourth 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 during the period. Norges Bank acquired a new stake in Macerich during the fourth quarter worth about $66,924,000. M&T Bank Corp acquired a new stake in Macerich during the fourth quarter worth about $557,000. Finally, Legal & General Group Plc increased its holdings in Macerich by 9.8% in the 4th quarter. Legal & General Group Plc now owns 1,795,267 shares of the real estate investment trust’s stock valued at $33,141,000 after buying an additional 160,748 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Company Profile

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.