Zacks Investment Research upgraded shares of The Macerich Co. (NYSE:MAC) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $88.00 price target on the real estate investment trust’s stock.
According to Zacks, “Macerich recently celebrated the official opening of the expanded and the redeveloped Broadway Plaza in Walnut Creek, CA. This move is in sync with its strategy to add more value to its well-located properties through redevelopment. Going forward, Macerich’s premium portfolio, presence of well-capitalized tenants in its centers, aggressive capital-recycling program and adoption of omni-channel retailing strategies are expected to aid its top-line growth. However, geographic concentration of assets, competition and any hike in interest rate remain as concerns.”
A number of other equities analysts also recently weighed in on MAC. Credit Suisse Group AG reissued a sell rating and issued a $78.00 price target on shares of The Macerich in a report on Tuesday, August 2nd. Deutsche Bank AG upped their price objective on shares of The Macerich from $83.00 to $84.00 and gave the company a hold rating in a report on Monday, July 18th. JPMorgan Chase & Co. upped their price objective on shares of The Macerich from $83.00 to $87.00 and gave the company a neutral rating in a report on Friday, August 5th. Jefferies Group upped their price objective on shares of The Macerich from $86.00 to $88.00 and gave the company a hold rating in a report on Wednesday, August 31st. Finally, Canaccord Genuity upped their price objective on shares of The Macerich from $80.00 to $84.00 and gave the company a hold rating in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $88.00.
Shares of The Macerich (NYSE:MAC) traded up 0.10% during midday trading on Wednesday, hitting $76.38. 439,433 shares of the company traded hands. The stock has a market capitalization of $10.97 billion, a PE ratio of 12.83 and a beta of 0.90. The stock has a 50 day moving average of $81.36 and a 200-day moving average of $81.17. The Macerich has a 52 week low of $71.82 and a 52 week high of $94.51.
The Macerich (NYSE:MAC) last issued its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. The company had revenue of $259.90 million for the quarter, compared to the consensus estimate of $252.32 million. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The firm’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Equities analysts forecast that The Macerich will post $4.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were given a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Wednesday, August 17th. The Macerich’s dividend payout ratio (DPR) is 45.87%.
In other The Macerich news, EVP Robert D. Perlmutter sold 1,500 shares of the stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $81.52, for a total transaction of $122,280.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Randy L. Brant sold 24,250 shares of the stock in a transaction that occurred on Friday, September 23rd. The shares were sold at an average price of $83.10, for a total transaction of $2,015,175.00. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised its stake in The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares during the period. Advisors Asset Management Inc. raised its stake in The Macerich by 46.7% in the second quarter. Advisors Asset Management Inc. now owns 2,129 shares of the real estate investment trust’s stock worth $182,000 after buying an additional 678 shares during the period. MU Investments Co. Ltd. bought a new stake in The Macerich during the second quarter worth $185,000. Ameritas Investment Partners Inc. bought a new stake in The Macerich during the second quarter worth $203,000. Finally, Eii Capital Management Inc. raised its stake in The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 1,400 shares during the period. 94.66% of the stock is owned by hedge funds and other institutional investors.
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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