Macerich (NYSE:MAC) Given New $21.00 Price Target at Scotiabank

Macerich (NYSE:MAC) had its target price decreased by Scotiabank from $22.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other equities analysts have also recently commented on the stock. Jefferies Financial Group raised shares of Macerich from a “hold” rating to a “buy” rating and raised their target price for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Compass Point lifted their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Morgan Stanley raised shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price objective on the stock in a research note on Wednesday, January 15th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Piper Sandler lowered their price objective on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned 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 $19.13.

Macerich Stock Down 3.3 %

Macerich stock opened at $17.58 on Thursday. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of 45.07, a PEG ratio of 0.71 and a beta of 2.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The company’s 50-day moving average price is $20.04 and its two-hundred day moving average price is $18.99. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Tuesday, March 4th. Macerich’s payout ratio is -86.08%.

Insiders Place Their Bets

In related news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of Macerich

Institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP acquired a new stake in shares of Macerich during the fourth quarter worth approximately $30,000. Lazard Asset Management LLC acquired a new stake in shares of Macerich during the fourth quarter worth approximately $45,000. Blue Trust Inc. boosted its holdings in shares of Macerich by 68.8% during the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,064 shares during the period. State of Wyoming acquired a new stake in shares of Macerich during the fourth quarter worth approximately $55,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Macerich by 314.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after purchasing an additional 2,630 shares during the period. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.