Macerich (NYSE:MAC) Upgraded by Evercore to “Hold” Rating

Evercore upgraded shares of Macerich (NYSE:MAC) to a hold rating in a report released on Tuesday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft raised Macerich from a “hold” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $27.00 in a report on Tuesday, June 2nd. Mizuho boosted their target price on shares of Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, May 15th. Scotiabank raised their price target on shares of Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 18th. Truist Financial lifted their price objective on Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, KeyCorp boosted their price objective on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.14.

Macerich Trading Up 0.8%

NYSE:MAC opened at $25.48 on Tuesday. The company has a market capitalization of $7.22 billion, a P/E ratio of -35.88, a PEG ratio of 1.69 and a beta of 2.06. 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 12 month low of $15.89 and a 12 month high of $25.97. The firm has a fifty day simple moving average of $23.31 and a 200-day simple moving average of $20.72.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 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 quarter last year, the business posted $0.33 EPS. On average, equities research analysts anticipate that Macerich will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a $0.17 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. Macerich’s payout ratio is currently -95.77%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Macerich by 16.3% during the second quarter. GAMMA Investing LLC now owns 9,056 shares of the real estate investment trust’s stock worth $228,000 after buying an additional 1,270 shares in the last quarter. Bank of America Corp DE increased its position in shares of Macerich by 117.7% in the 1st quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust’s stock valued at $42,345,000 after purchasing an additional 1,211,091 shares during the last quarter. Kentucky Retirement Systems purchased a new stake in shares of Macerich during the 1st quarter worth $219,000. Amundi grew its stake in shares of Macerich by 17.2% during the first quarter. Amundi now owns 162,916 shares of the real estate investment trust’s stock worth $3,079,000 after purchasing an additional 23,944 shares in the last quarter. Finally, Adelante Capital Management LLC purchased a new position in Macerich in the first quarter valued at $8,136,000. Institutional investors and hedge funds 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.