Macerich (NYSE:MAC) PT Raised to $16.00 at Evercore ISI

Macerich (NYSE:MAC) had its price objective hoisted by Evercore ISI from $15.00 to $16.00 in a research note released on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other analysts have also recently weighed in on MAC. Compass Point dropped their price objective on shares of Macerich from $20.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, May 1st. Scotiabank downgraded Macerich from a sector perform rating to a sector underperform rating and reduced their price target for the stock from $16.00 to $14.00 in a research report on Friday, May 17th. Piper Sandler cut Macerich from a neutral rating to an underweight rating and dropped their price objective for the company from $17.00 to $11.00 in a report on Wednesday, May 1st. The Goldman Sachs Group reduced their target price on Macerich from $14.00 to $12.50 and set a sell rating on the stock in a report on Monday, June 17th. Finally, Mizuho dropped their price target on Macerich from $17.00 to $14.00 and set an underperform rating for the company in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $14.81.

Macerich Stock Up 1.9 %

MAC stock opened at $15.93 on Wednesday. Macerich has a fifty-two week low of $9.21 and a fifty-two week high of $17.69. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.86 and a quick ratio of 1.03. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -10.21, a PEG ratio of 0.51 and a beta of 2.51. The business’s fifty day moving average price is $15.33 and its two-hundred day moving average price is $15.64.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Monday, August 19th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.27%. The ex-dividend date is Monday, August 19th. Macerich’s payout ratio is -43.59%.

Institutional Investors Weigh In On Macerich

A number of hedge funds have recently made changes to their positions in MAC. Norges Bank acquired a new stake in Macerich in the fourth quarter valued at approximately $22,210,000. Wellington Management Group LLP acquired a new stake in shares of Macerich during the 4th quarter valued at $18,938,000. Russell Investments Group Ltd. increased its holdings in Macerich by 1,845.1% in the 1st quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after purchasing an additional 1,108,770 shares in the last quarter. Waterfront Capital Partners LLC bought a new position in Macerich in the fourth quarter valued at about $14,609,000. Finally, Sei Investments Co. acquired a new stake in shares of Macerich during the second quarter valued at about $10,625,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.