Macerich (NYSE:MAC) Raised to Sector Perform at Scotiabank

Scotiabank upgraded shares of Macerich (NYSE:MAC) from a sector underperform rating to a sector perform rating in a report published on Tuesday morning, MarketBeat.com reports. They currently have $22.00 price objective on the real estate investment trust’s stock.

Other research analysts have also issued research reports about the stock. The Goldman Sachs Group raised their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft began coverage on shares of Macerich in a research note on Tuesday. They issued a “hold” rating and a $22.00 price target for the company. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. Piper Sandler boosted their target price on Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 11th. Finally, Evercore ISI increased their price target on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $18.86.

Macerich Stock Down 0.5 %

Macerich stock opened at $19.92 on Tuesday. The company has a market capitalization of $4.95 billion, a PE ratio of 51.08, a price-to-earnings-growth ratio of 0.74 and a beta of 2.51. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The firm has a 50 day moving average price of $19.76 and a 200 day moving average price of $17.14.

Macerich (NYSE:MAC) last issued its quarterly earnings data 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). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same period in the previous year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up .9% compared to the same quarter last year. Research analysts expect that Macerich will post 1.56 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.41%. The ex-dividend date was Tuesday, November 12th. Macerich’s payout ratio is 174.36%.

Hedge Funds Weigh In On Macerich

Several hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings in shares of Macerich by 152.2% in 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 in the last quarter. Quest Partners LLC purchased a new stake in Macerich in the second quarter valued at $50,000. GAMMA Investing LLC boosted its stake in Macerich by 40.9% in the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 933 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich during the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $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.

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.