Macerich (NYSE:MAC) Price Target Raised to $23.00

Macerich (NYSE:MAC) had its price objective raised by Compass Point from $20.00 to $23.00 in a report issued on Thursday morning,Benzinga reports. Compass Point currently has a buy rating on the real estate investment trust’s stock.

Several other research analysts also recently issued reports on the company. The Goldman Sachs Group lifted their price target on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Bank of America upped their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI upped their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler raised their price target on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 3rd. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $16.40.

Macerich Price Performance

MAC traded up $0.22 on Thursday, hitting $19.52. 1,476,323 shares of the company were exchanged, compared to its average volume of 1,418,307. The business’s fifty day moving average is $17.62 and its 200 day moving average is $16.05. Macerich has a fifty-two week low of $9.90 and a fifty-two week high of $20.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.86 and a current ratio of 0.92. The firm has a market capitalization of $4.22 billion, a P/E ratio of 50.05, a price-to-earnings-growth ratio of 0.62 and a beta of 2.50.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS. As a group, sell-side analysts anticipate that Macerich will post 1.61 EPS for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Tuesday, November 12th. Macerich’s dividend payout ratio is currently 174.36%.

Hedge Funds Weigh In On Macerich

Several large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in shares of Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 933 shares during the period. Quest Partners LLC purchased a new stake in Macerich during the second quarter valued at about $50,000. GAMMA Investing LLC increased its stake in Macerich by 40.9% during the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after acquiring an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich in the 2nd quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Macerich by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 2,161 shares in the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

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.