Macerich Co (NYSE:MAC) has been assigned an average recommendation of “Hold” from the twenty analysts that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $64.56.
Several equities analysts have recently commented on the stock. Barclays upped their price objective on shares of Macerich from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 31st. Zacks Investment Research lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Bank of America upped their price objective on shares of Macerich from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, August 13th. Goldman Sachs Group upgraded shares of Macerich from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $52.00 to $64.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Finally, SunTrust Banks restated a “hold” rating and issued a $60.00 price objective on shares of Macerich in a report on Thursday, August 16th.
Institutional investors have recently added to or reduced their stakes in the business. Third Avenue Management LLC lifted its holdings in Macerich by 29.9% during the 2nd quarter. Third Avenue Management LLC now owns 1,580,774 shares of the real estate investment trust’s stock worth $89,836,000 after buying an additional 363,613 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Macerich by 4.3% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 443,730 shares of the real estate investment trust’s stock valued at $25,217,000 after purchasing an additional 18,332 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Macerich by 10,136.9% in the 2nd quarter. Canada Pension Plan Investment Board now owns 315,603 shares of the real estate investment trust’s stock valued at $17,936,000 after purchasing an additional 312,520 shares during the last quarter. Mackay Shields LLC purchased a new stake in shares of Macerich in the 1st quarter valued at approximately $1,022,000. Finally, Toronto Dominion Bank increased its position in shares of Macerich by 17.3% in the 2nd quarter. Toronto Dominion Bank now owns 69,502 shares of the real estate investment trust’s stock valued at $3,948,000 after purchasing an additional 10,273 shares during the last quarter. Institutional investors own 96.32% of the company’s stock.
Macerich (NYSE:MAC) last posted its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.91). Macerich had a net margin of 2.52% and a return on equity of 1.58%. The firm had revenue of $234.50 million during the quarter, compared to analyst estimates of $216.37 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. equities analysts anticipate that Macerich will post 3.91 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 7th. Shareholders of record on Friday, August 17th were issued a dividend of $0.74 per share. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $2.96 dividend on an annualized basis and a yield of 5.24%. Macerich’s dividend payout ratio (DPR) is presently 75.32%.
Macerich Company Profile
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 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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