Macerich (MAC) Upgraded to “Outperform” at Wells Fargo & Company

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.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.86). The company had revenue of $242.50 million for the quarter, compared to the consensus estimate of $226.00 million. Macerich had a net margin of 14.92% and a return on equity of 3.56%. Macerich’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS. equities analysts forecast that Macerich will post 3.94 EPS for the current year.

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.

COPYRIGHT VIOLATION WARNING: “Macerich (MAC) Upgraded to “Outperform” at Wells Fargo & Company” was originally posted by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this article on another domain, it was illegally copied and republished in violation of United States and international copyright law. The legal version of this article can be accessed at https://sportsperspectives.com/2017/12/20/macerich-mac-upgraded-to-outperform-at-wells-fargo-company.html.

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.

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.

Latest News

Leave a Reply