Brokerages Set The Macerich Company (NYSE:MAC) PT at $14.64

The Macerich Company (NYSE:MAC) has been assigned an average recommendation of “Reduce” from the seven analysts that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $14.64.

A number of research analysts recently weighed in on the stock. Mizuho cut their target price on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a report on Wednesday, May 1st. The Goldman Sachs Group cut their target price on shares of Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a report on Monday, June 17th. Compass Point cut their target price on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and cut their target price for the company from $17.00 to $11.00 in a report on Wednesday, May 1st. Finally, Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and cut their target price for the company from $16.00 to $14.00 in a report on Friday, May 17th.

Insider Activity

In related news, CEO Jackson Hsieh bought 140,000 shares of the stock in a transaction dated Monday, May 6th. The stock was purchased at an average cost of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the purchase, the chief executive officer now owns 170,500 shares of the company’s stock, valued at $2,431,330. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Scott W. Kingsmore acquired 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was purchased at an average cost of $16.06 per share, for a total transaction of $96,360.00. Following the completion of the acquisition, the chief financial officer now directly owns 42,310 shares of the company’s stock, valued at approximately $679,498.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jackson Hsieh acquired 140,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 170,500 shares of the company’s stock, valued at $2,431,330. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 163,365 shares of company stock valued at $2,358,681. 0.53% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Macerich

Large investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its holdings in Macerich by 152.4% in the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,308 shares in the last quarter. Quest Partners LLC bought a new position in Macerich in the fourth quarter worth about $41,000. Fidelis Capital Partners LLC acquired a new position in shares of Macerich during the first quarter valued at about $46,000. GAMMA Investing LLC acquired a new position in shares of Macerich during the fourth quarter valued at about $90,000. Finally, Bailard Inc. acquired a new position in shares of Macerich during the fourth quarter valued at about $159,000. 87.38% of the stock is currently owned by institutional investors.

Macerich Trading Up 0.2 %

Macerich stock opened at $16.27 on Thursday. The stock has a market cap of $3.51 billion, a P/E ratio of -10.43, a PEG ratio of 0.53 and a beta of 2.51. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. Macerich has a 1 year low of $9.21 and a 1 year high of $17.69. The firm’s 50 day moving average price is $15.19 and its 200-day moving average price is $15.79.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 19th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend is Monday, August 19th. Macerich’s dividend payout ratio is currently -43.59%.

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.