Macerich (NYSE:MAC) Lifted to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Macerich (NYSE:MAC) from a market perform rating to an outperform rating in a report published on Friday, April 20th, MarketBeat reports. BMO Capital Markets currently has $66.00 price target on the real estate investment trust’s stock, up from their previous price target of $62.00. The analysts noted that the move was a valuation call.

MAC has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Macerich from a sell rating to a hold rating in a report on Tuesday, March 20th. Deutsche Bank reduced their target price on shares of Macerich from $65.00 to $62.00 and set a hold rating for the company in a report on Friday, February 9th. JPMorgan Chase cut shares of Macerich from an overweight rating to a neutral rating and reduced their target price for the stock from $70.00 to $65.00 in a report on Tuesday, March 27th. Royal Bank of Canada lowered shares of Macerich from an outperform rating to a sector perform rating and set a $66.00 price objective for the company. in a research note on Wednesday, January 3rd. Finally, Barclays decreased their price objective on shares of Macerich from $62.00 to $60.00 and set an equal weight rating for the company in a research note on Tuesday, January 30th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $65.10.

Shares of NYSE MAC traded down $1.77 during mid-day trading on Friday, reaching $54.11. 2,251,600 shares of the company traded hands, compared to its average volume of 1,654,194. Macerich has a fifty-two week low of $53.65 and a fifty-two week high of $55.81. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $8.03 billion, a PE ratio of 14.22, a P/E/G ratio of 2.14 and a beta of 0.85.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, May 2nd. The real estate investment trust reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($1.05). The company had revenue of $212.38 million for the quarter, compared to analyst estimates of $216.47 million. Macerich had a net margin of 4.40% and a return on equity of 1.48%. Macerich’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.87 EPS. sell-side analysts anticipate that Macerich will post 3.96 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 8th will be given a $0.74 dividend. The ex-dividend date is Monday, May 7th. This represents a $2.96 dividend on an annualized basis and a yield of 5.47%. Macerich’s payout ratio is 75.32%.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Macerich by 3.7% during the 4th quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock valued at $750,223,000 after purchasing an additional 412,265 shares in the last quarter. Cbre Clarion Securities LLC raised its holdings in shares of Macerich by 1,523.7% during the 4th quarter. Cbre Clarion Securities LLC now owns 3,205,186 shares of the real estate investment trust’s stock valued at $210,517,000 after purchasing an additional 3,007,786 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Macerich by 2.0% during the 1st quarter. Northern Trust Corp now owns 2,177,668 shares of the real estate investment trust’s stock valued at $121,993,000 after purchasing an additional 43,512 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Macerich by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,012,528 shares of the real estate investment trust’s stock valued at $112,742,000 after purchasing an additional 45,907 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Macerich by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 1,428,879 shares of the real estate investment trust’s stock valued at $93,684,000 after purchasing an additional 50,374 shares in the last quarter. Institutional investors and hedge funds own 97.14% of the company’s stock.

About Macerich

Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.

Analyst Recommendations for Macerich (NYSE:MAC)

Receive News & Ratings for Macerich Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macerich and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply