The Macerich Co. (NYSE:MAC) was upgraded by equities researchers at Mizuho from a “neutral” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $84.00 target price on the real estate investment trust’s stock. Mizuho’s price objective would indicate a potential upside of 21.70% from the stock’s current price.
A number of other analysts have also recently commented on MAC. Deutsche Bank AG lifted their price target on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a research report on Monday, July 18th. Credit Suisse Group AG reaffirmed a “sell” rating and set a $78.00 price target on shares of The Macerich in a research report on Tuesday, August 2nd. Zacks Investment Research cut The Macerich from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. lifted their price target on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Finally, Canaccord Genuity lifted their price target on The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a research report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $86.62.
Shares of The Macerich (NYSE:MAC) opened at 69.02 on Monday. The stock has a market cap of $9.92 billion, a PE ratio of 11.57 and a beta of 0.84. The Macerich has a 52-week low of $66.00 and a 52-week high of $94.51. The company’s 50 day moving average price is $72.17 and its 200 day moving average price is $79.54.
The Macerich (NYSE:MAC) last issued its quarterly earnings results on Thursday, October 27th. The real estate investment trust reported $1.04 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.04. The Macerich had a return on equity of 18.73% and a net margin of 82.09%. The company earned $253.37 million during the quarter, compared to analysts’ expectations of $257.87 million. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm’s revenue was down 22.3% compared to the same quarter last year. On average, analysts anticipate that The Macerich will post $4.10 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 11th will be paid a dividend of $0.71 per share. This is a positive change from The Macerich’s previous quarterly dividend of $0.68. This represents a $2.84 annualized dividend and a yield of 4.11%. The ex-dividend date is Tuesday, November 8th. The Macerich’s payout ratio is 48.88%.
In other The Macerich news, EVP Randy L. Brant sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $83.10, for a total transaction of $2,015,175.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Dana K. Anderson acquired 10,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The shares were purchased at an average price of $67.78 per share, with a total value of $677,800.00. The disclosure for this purchase can be found here. Company insiders own 3.54% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Fund Advisors raised its stake in The Macerich by 22.3% in the second quarter. BlackRock Fund Advisors now owns 4,809,198 shares of the real estate investment trust’s stock valued at $410,657,000 after buying an additional 877,068 shares during the period. Bank of New York Mellon Corp raised its stake in The Macerich by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 3,167,891 shares of the real estate investment trust’s stock valued at $270,504,000 after buying an additional 711,058 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in The Macerich by 6,638.1% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 636,618 shares of the real estate investment trust’s stock valued at $51,483,000 after buying an additional 627,170 shares during the period. D. E. Shaw & Co. Inc. raised its stake in The Macerich by 247.1% in the third quarter. D. E. Shaw & Co. Inc. now owns 522,127 shares of the real estate investment trust’s stock valued at $42,225,000 after buying an additional 371,708 shares during the period. Finally, Blackstone Group L.P. purchased a new stake in The Macerich during the second quarter valued at approximately $20,863,000. Institutional investors own 94.89% of the company’s stock.
About The Macerich