Macerich (NYSE:MAC) Downgraded by StockNews.com

StockNews.com cut shares of Macerich (NYSE:MACFree Report) from a hold rating to a sell rating in a report released on Thursday.

Several other brokerages have also commented on MAC. The Goldman Sachs Group raised their price target on shares of Macerich from $9.00 to $13.00 and gave the company a sell rating in a research note on Thursday, January 11th. Truist Financial restated a hold rating and issued a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. Citigroup upgraded shares of Macerich from a sell rating to a neutral rating and raised their price target for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, Piper Sandler raised their price objective on shares of Macerich from $12.00 to $17.00 and gave the company a neutral rating in a research note on Wednesday, December 20th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $14.40.

Get Our Latest Stock Analysis on MAC

Macerich Price Performance

NYSE MAC opened at $15.29 on Thursday. The company has a 50-day moving average price of $16.47 and a two-hundred day moving average price of $14.40. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -12.04, a price-to-earnings-growth ratio of 1.72 and a beta of 2.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MACGet Free Report) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The firm had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the previous year, the business posted $0.53 EPS. Macerich’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts forecast that Macerich will post 1.8 EPS for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were paid a dividend of $0.17 per share. The ex-dividend date was Thursday, February 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.45%. Macerich’s dividend payout ratio is presently -53.54%.

Insider Activity at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the transaction, the president now owns 655,667 shares in the company, valued at $11,277,472.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Macerich news, Director Edward C. Coppola sold 20,000 shares of Macerich stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total value of $340,200.00. Following the transaction, the director now owns 635,667 shares in the company, valued at $10,812,695.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock worth $2,940,030 over the last quarter. 0.57% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its position in Macerich by 1,460.3% in the fourth quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock worth $5,007,000 after buying an additional 303,704 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Macerich by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock worth $48,973,000 after purchasing an additional 31,445 shares during the period. Barclays PLC boosted its stake in Macerich by 91.0% in the 3rd quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock worth $2,421,000 after purchasing an additional 105,663 shares during the period. SG Americas Securities LLC boosted its stake in Macerich by 642.9% in the 3rd quarter. SG Americas Securities LLC now owns 115,705 shares of the real estate investment trust’s stock worth $1,262,000 after purchasing an additional 100,131 shares during the period. Finally, Invesco Ltd. boosted its stake in Macerich by 15.3% in the 3rd quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after purchasing an additional 76,888 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

(Get Free Report)

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.

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