Macerich (NYSE:MAC) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research note released on Thursday morning.

MAC has been the subject of several other research reports. The Goldman Sachs Group lifted their price objective on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Piper Sandler increased their price objective on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. Bank of America boosted their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Compass Point boosted their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Evercore ISI lifted their price target on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.40.

Macerich Stock Up 1.1 %

MAC stock traded up $0.22 during midday trading on Thursday, hitting $19.52. The company’s stock had a trading volume of 1,476,323 shares, compared to its average volume of 1,418,307. The firm’s 50-day moving average is $17.62 and its 200-day moving average is $16.05. The company has a current ratio of 0.92, a quick ratio of 0.86 and a debt-to-equity ratio of 1.68. Macerich has a 12 month low of $9.90 and a 12 month high of $20.27. The company has a market cap of $4.22 billion, a PE ratio of 50.05, a P/E/G ratio of 0.62 and a beta of 2.50.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) 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 business had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. During the same period in the previous year, the company earned $0.44 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts forecast that Macerich will post 1.61 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is currently 174.36%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MAC. Janney Montgomery Scott LLC boosted its holdings in Macerich by 47.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 33,768 shares of the real estate investment trust’s stock valued at $582,000 after acquiring an additional 10,790 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Macerich by 7.2% in the first quarter. Daiwa Securities Group Inc. now owns 70,098 shares of the real estate investment trust’s stock worth $1,208,000 after purchasing an additional 4,691 shares during the last quarter. Jennison Associates LLC purchased a new position in Macerich in the 1st quarter worth about $602,000. GSA Capital Partners LLP purchased a new position in Macerich in the 1st quarter worth about $807,000. Finally, Texas Permanent School Fund Corp lifted its holdings in Macerich by 1.6% during the 1st quarter. Texas Permanent School Fund Corp now owns 189,021 shares of the real estate investment trust’s stock valued at $3,257,000 after buying an additional 2,929 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

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.