Brokerages Set The Macerich Company (NYSE:MAC) Price Target at $19.13

The Macerich Company (NYSE:MAC) has received an average recommendation of “Reduce” from the thirteen ratings firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $19.03.

A number of research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 target price for the company in a research report on Wednesday, January 15th. Scotiabank decreased their price objective on Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a report on Thursday, March 6th. Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and raised their target price for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. The Goldman Sachs Group decreased their price target on Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Macerich in a research note on Tuesday, December 17th. They set a “hold” rating and a $22.00 price objective on the stock.

Insider Buying and Selling

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Macerich

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in Macerich in the 4th quarter valued at $30,000. Lazard Asset Management LLC purchased a new stake in shares of Macerich during the fourth quarter worth $45,000. Blue Trust Inc. raised its position in shares of Macerich by 68.8% in the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 1,064 shares during the last quarter. State of Wyoming purchased a new position in shares of Macerich in the fourth quarter worth about $55,000. Finally, Smartleaf Asset Management LLC boosted its position in Macerich by 314.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 2,630 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Performance

Shares of NYSE MAC opened at $16.22 on Friday. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 41.58, a PEG ratio of 0.71 and a beta of 2.62. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27. The company has a 50 day simple moving average of $19.70 and a two-hundred day simple moving average of $19.04. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be given a $0.17 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 4.19%. Macerich’s dividend payout ratio (DPR) is -86.08%.

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.