Morgan Stanley upgraded shares of Macerich (NYSE:MAC – Free Report) from an underweight rating to an equal weight rating in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has $20.00 price objective on the real estate investment trust’s stock.
Other equities research analysts also recently issued research reports about the stock. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and upped their price target for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. 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 target on the stock. 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 research note on Friday, October 11th. Piper Sandler upped their price target on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a research note on Wednesday, December 11th. Finally, StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.30.
Get Our Latest Stock Analysis on MAC
Macerich Price Performance
Macerich (NYSE:MAC – Get Free Report) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $208.54 million. During the same period last year, the firm posted $0.44 EPS. Macerich’s quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Macerich will post 1.56 EPS for the current fiscal year.
Macerich Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s payout ratio is presently 174.36%.
Insiders Place Their Bets
In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction dated Thursday, December 26th. The shares were 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 of the company’s stock, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.
Institutional Trading of Macerich
Several hedge funds have recently modified their holdings of MAC. Blue Trust Inc. lifted its position in shares of Macerich by 152.2% during the third 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 last quarter. Quest Partners LLC purchased a new position in shares of Macerich in the 2nd quarter valued at approximately $50,000. GAMMA Investing LLC raised its position in shares of Macerich by 40.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after purchasing 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 valued at approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position 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 during the last quarter. 87.38% of the stock is 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.
Recommended Stories
- Five stocks we like better than Macerich
- Profitably Trade Stocks at 52-Week Highs
- 3 Cheap Small-Cap Banks for Dividend Growth Investors
- What is MarketRankā¢? How to Use it
- 3 Defensive Stocks Analysts Are Bullish on to Kick Off the Year
- Do ETFs Pay Dividends? What You Need to Know
- Vistra Corp: Could 2025 Continue Its Streak of Outperformance?
Receive News & Ratings for Macerich Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macerich and related companies with MarketBeat.com's FREE daily email newsletter.