Wells Fargo & Company upgraded shares of Macerich (NYSE:MAC) from a market perform rating to an outperform rating in a report published on Tuesday. The firm currently has $72.50 price target on the real estate investment trust’s stock.
A number of other equities analysts have also weighed in on the stock. KeyCorp reiterated a buy rating and set a $75.00 target price on shares of Macerich in a research report on Monday, August 28th. Boenning Scattergood set a $75.00 target price on shares of Macerich and gave the stock a buy rating in a research report on Wednesday, November 1st. Mizuho reiterated a hold rating and set a $60.00 target price on shares of Macerich in a research report on Friday, November 10th. BMO Capital Markets set a $55.00 price target on shares of Macerich and gave the stock a hold rating in a report on Monday, October 30th. Finally, Evercore ISI downgraded shares of Macerich from an in-line rating to an underperform rating and set a $62.00 price target on the stock. in a report on Monday, December 11th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $66.85.
Macerich (MAC) opened at $65.86 on Tuesday. The firm has a market cap of $9,245.96, a PE ratio of 16.50, a P/E/G ratio of 3.13 and a beta of 0.88. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.25. Macerich has a 1 year low of $52.12 and a 1 year high of $73.34.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 10th were paid a $0.74 dividend. This is an increase from Macerich’s previous quarterly dividend of $0.71. This represents a $2.96 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date was Thursday, November 9th. Macerich’s dividend payout ratio (DPR) is currently 281.91%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. grew its position in Macerich by 7.9% during the second quarter. Pacer Advisors Inc. now owns 2,774 shares of the real estate investment trust’s stock valued at $161,000 after acquiring an additional 203 shares during the last quarter. Sun Life Financial INC grew its position in Macerich by 1,864.0% during the second quarter. Sun Life Financial INC now owns 3,928 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 3,728 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Macerich during the third quarter valued at approximately $216,000. Riverhead Capital Management LLC grew its position in Macerich by 11.8% during the second quarter. Riverhead Capital Management LLC now owns 4,111 shares of the real estate investment trust’s stock valued at $239,000 after acquiring an additional 435 shares during the last quarter. Finally, Amica Pension Fund Board of Trustees bought a new position in shares of Macerich in the third quarter worth approximately $229,000. Institutional investors and hedge funds own 97.58% of the company’s stock.
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Macerich Company Profile
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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