Compass Point Cuts Macerich (NYSE:MAC) Price Target to $18.00

Macerich (NYSE:MAC) had its price target lowered by Compass Point from $20.00 to $18.00 in a research note issued to investors on Wednesday, Benzinga reports. Compass Point currently has a buy rating on the real estate investment trust’s stock.

Several other research firms have also weighed in on MAC. Mizuho dropped their price objective on shares of Macerich from $17.00 to $14.00 and set an underperform rating on the stock in a research note on Wednesday. Truist Financial restated a hold rating and set a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. The Goldman Sachs Group raised their price target on shares of Macerich from $9.00 to $13.00 and gave the company a sell rating in a report on Thursday, January 11th. Citigroup upgraded shares of Macerich from a sell rating to a neutral rating and upped their price objective for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, StockNews.com lowered Macerich from a hold rating to a sell rating in a report on Tuesday. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Macerich currently has an average rating of Hold and a consensus price target of $14.83.

Macerich Stock Up 3.6 %

Shares of Macerich stock opened at $14.30 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 1.85. The business’s 50 day simple moving average is $16.05 and its 200-day simple moving average is $14.64. Macerich has a twelve month low of $9.05 and a twelve month high of $17.69.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. The business had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. As a group, equities research analysts expect that Macerich will post 1.77 EPS for the current year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s payout ratio is -43.59%.

Insider Buying and Selling at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of Macerich stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total value of $1,609,300.00. Following the completion of the transaction, the director now directly owns 102,900 shares of the company’s stock, valued at $1,743,126. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,964 shares of company stock valued at $2,940,030. 0.53% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Macerich

A number of institutional investors have recently made changes to their positions in MAC. Norges Bank acquired a new position in Macerich during the 4th quarter worth approximately $22,210,000. Wellington Management Group LLP bought a new position in Macerich during the fourth quarter valued at $18,938,000. Waterfront Capital Partners LLC bought a new position in Macerich during the fourth quarter valued at $14,609,000. Jessup Wealth Management Inc bought a new position in Macerich during the first quarter valued at $7,222,000. Finally, Commonwealth Equity Services LLC lifted its position in shares of Macerich by 3,114.0% during the first quarter. Commonwealth Equity Services LLC now owns 428,936 shares of the real estate investment trust’s stock worth $7,391,000 after acquiring an additional 415,590 shares in the last quarter. 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.