Macerich (NYSE:MAC) had its price objective decreased by Morgan Stanley from $30.00 to $26.50 in a research note released on Tuesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an underweight rating on the real estate investment trust’s stock.
Other analysts also recently issued research reports about the company. Barclays reissued a hold rating and issued a $36.00 price target on shares of Macerich in a report on Thursday, July 18th. Zacks Investment Research raised Macerich from a sell rating to a hold rating and set a $30.00 target price on the stock in a research note on Monday, August 26th. Citigroup cut their target price on Macerich from $46.00 to $34.00 and set a neutral rating on the stock in a research note on Friday, June 28th. SunTrust Banks cut their target price on Macerich from $43.00 to $30.00 and set a hold rating on the stock in a research note on Friday, August 23rd. Finally, BMO Capital Markets reaffirmed a buy rating and set a $44.00 target price on shares of Macerich in a research note on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $41.21.
Shares of NYSE MAC opened at $29.80 on Tuesday. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 7.74, a price-to-earnings-growth ratio of 3.54 and a beta of 0.76. Macerich has a 12-month low of $27.54 and a 12-month high of $58.16. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.87. The stock’s 50 day simple moving average is $30.46 and its 200 day simple moving average is $37.42.
Macerich (NYSE:MAC) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.02. The business had revenue of $227.97 million for the quarter, compared to the consensus estimate of $213.18 million. Macerich had a return on equity of 3.49% and a net margin of 11.59%. The business’s revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. As a group, equities analysts forecast that Macerich will post 3.55 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Monday, August 19th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.07%. The ex-dividend date of this dividend is Friday, August 16th. Macerich’s dividend payout ratio is presently 77.92%.
In related news, Director Andrea M. Stephen bought 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were acquired at an average cost of $35.02 per share, for a total transaction of $700,400.00. Following the acquisition, the director now directly owns 16,580 shares of the company’s stock, valued at approximately $580,631.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hern Thomas E. O bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $28.02 per share, for a total transaction of $140,100.00. The disclosure for this purchase can be found here. Insiders bought a total of 87,924 shares of company stock worth $2,823,484 in the last three months. Company insiders own 1.73% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc grew its holdings in shares of Macerich by 2.8% in the 1st quarter. CIBC Asset Management Inc now owns 11,727 shares of the real estate investment trust’s stock worth $508,000 after acquiring an additional 316 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in shares of Macerich by 1.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 17,693 shares of the real estate investment trust’s stock worth $767,000 after acquiring an additional 317 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of Macerich by 1.1% in the 1st quarter. TD Asset Management Inc. now owns 31,193 shares of the real estate investment trust’s stock worth $1,352,000 after acquiring an additional 332 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Macerich by 0.4% during the second quarter. Nomura Asset Management Co. Ltd. now owns 95,839 shares of the real estate investment trust’s stock valued at $3,210,000 after buying an additional 339 shares in the last quarter. Finally, 6 Meridian grew its holdings in shares of Macerich by 3.6% during the second quarter. 6 Meridian now owns 10,827 shares of the real estate investment trust’s stock valued at $363,000 after buying an additional 373 shares in the last quarter. Institutional investors and hedge funds own 99.31% of the company’s stock.
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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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