Macerich (NYSE:MAC) Upgraded at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Macerich (NYSE:MAC) from a hold rating to a buy rating in a report released on Thursday morning, MarketBeat.com reports. The firm currently has $23.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00.

A number of other research analysts have also weighed in on the company. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Compass Point increased their price target on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Scotiabank upgraded shares of Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price objective for the company in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Macerich in a research note on Tuesday, December 17th. They issued a “hold” rating and a $22.00 price objective on the stock. Finally, Piper Sandler boosted their target price on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.24.

Macerich Stock Up 1.5 %

MAC stock opened at $20.54 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27. The stock has a market capitalization of $5.10 billion, a PE ratio of 52.67, a price-to-earnings-growth ratio of 0.75 and a beta of 2.51. The firm has a 50 day moving average of $20.14 and a 200 day moving average of $17.56.

Macerich (NYSE:MAC) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $208.54 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Sell-side analysts forecast that Macerich will post 1.56 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s dividend payout ratio is currently 174.36%.

Insiders Place Their Bets

In other 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 sale, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Macerich

Several institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake 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 worth $28,000 after acquiring an additional 933 shares during the period. Quest Partners LLC purchased a new stake in Macerich in the 2nd quarter valued at about $50,000. GAMMA Investing LLC increased its holdings in shares of Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Macerich in the second quarter valued at approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Company Profile

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.