Macerich (MAC) Earns Buy Rating from Boenning Scattergood

Boenning Scattergood reaffirmed their buy rating on shares of Macerich (NYSE:MAC) in a research report released on Wednesday morning. They currently have a $75.00 price target on the real estate investment trust’s stock.

“We reiterate our Outperform rating and price target of $75 per share, a discount to our estimated NAV of approximately $84.”,” Boenning Scattergood’s analyst commented.

A number of other equities research analysts have also recently issued reports on MAC. Morgan Stanley restated a hold rating on shares of Macerich in a report on Tuesday. BMO Capital Markets set a $62.00 price objective on Macerich and gave the stock a hold rating in a report on Monday. Barclays cut their price target on Macerich from $62.00 to $60.00 and set an equal weight rating for the company in a research note on Tuesday, January 30th. Sandler O’Neill reiterated a hold rating and issued a $71.00 price target on shares of Macerich in a research note on Tuesday, January 23rd. Finally, Royal Bank of Canada reiterated a buy rating and issued a $66.00 price target on shares of Macerich in a research note on Thursday, November 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Macerich currently has an average rating of Hold and an average price target of $67.03.

Shares of Macerich (NYSE MAC) opened at $60.19 on Wednesday. Macerich has a 1-year low of $52.12 and a 1-year high of $69.73. The stock has a market capitalization of $8,397.10, a P/E ratio of 15.14, a PEG ratio of 2.82 and a beta of 0.83. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.30.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.11). Macerich had a return on equity of 3.91% and a net margin of 14.71%. The firm had revenue of $245.30 million for the quarter, compared to the consensus estimate of $237.90 million. During the same quarter in the prior year, the firm earned $1.17 EPS. The company’s revenue was down 6.2% on a year-over-year basis. equities research analysts expect that Macerich will post 4.02 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Wednesday, February 21st will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, February 20th. This represents a $2.96 annualized dividend and a yield of 4.92%. Macerich’s dividend payout ratio is currently 290.20%.

A number of institutional investors and hedge funds have recently made changes to their positions in MAC. PNC Financial Services Group Inc. raised its position in Macerich by 19.2% during the second quarter. PNC Financial Services Group Inc. now owns 5,807 shares of the real estate investment trust’s stock valued at $337,000 after purchasing an additional 934 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in Macerich during the second quarter valued at approximately $435,000. Janus Henderson Group PLC raised its position in Macerich by 58.6% during the second quarter. Janus Henderson Group PLC now owns 24,445 shares of the real estate investment trust’s stock valued at $1,419,000 after purchasing an additional 9,030 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Macerich during the second quarter valued at approximately $382,000. Finally, Caxton Associates LP acquired a new position in Macerich during the second quarter valued at approximately $511,000. Institutional investors and hedge funds own 98.21% 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.

Analyst Recommendations for Macerich (NYSE:MAC)

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