Macerich’s (MAC) Buy Rating Reiterated at BMO Capital Markets

BMO Capital Markets reiterated their buy rating on shares of Macerich (NYSE:MAC) in a report issued on Thursday. They currently have a $56.00 target price on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on MAC. ValuEngine downgraded shares of Macerich from a sell rating to a strong sell rating in a research note on Thursday, January 24th. Barclays reissued a hold rating and issued a $54.00 target price on shares of Macerich in a research note on Sunday, October 14th. Zacks Investment Research raised shares of Macerich from a sell rating to a hold rating in a report on Friday, January 11th. Jefferies Financial Group reissued a hold rating and set a $52.00 price objective on shares of Macerich in a report on Monday, December 17th. Finally, Morgan Stanley decreased their price objective on shares of Macerich to $58.00 and set an underweight rating for the company in a report on Sunday, December 2nd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $58.93.

Shares of MAC opened at $43.24 on Thursday. Macerich has a 1-year low of $40.90 and a 1-year high of $61.91. The firm has a market capitalization of $6.10 billion, a P/E ratio of 11.23, a P/E/G ratio of 2.41 and a beta of 0.92. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.99 and a quick ratio of 0.96.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Thursday, February 7th. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.09. Macerich had a net margin of 6.25% and a return on equity of 2.41%. The business had revenue of $246.90 million for the quarter, compared to analyst estimates of $228.64 million. During the same period in the previous year, the business posted $1.03 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts predict that Macerich will post 3.68 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 21st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, February 20th. This represents a $3.00 dividend on an annualized basis and a yield of 6.94%. Macerich’s payout ratio is 77.92%.

In other Macerich news, Director Daniel J. Hirsch bought 4,500 shares of the firm’s stock in a transaction on Tuesday, December 18th. The shares were purchased at an average price of $44.63 per share, for a total transaction of $200,835.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Arthur M. Coppola sold 105,574 shares of Macerich stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $49.79, for a total value of $5,256,529.46. The disclosure for this sale can be found here. Corporate insiders own 3.76% of the company’s stock.

Several institutional investors have recently bought and sold shares of MAC. Ffcm LLC increased its holdings in shares of Macerich by 174.7% during the fourth quarter. Ffcm LLC now owns 2,266 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 1,441 shares in the last quarter. BlackRock Inc. lifted its holdings in Macerich by 1.6% during the 4th quarter. BlackRock Inc. now owns 11,780,366 shares of the real estate investment trust’s stock worth $509,854,000 after purchasing an additional 187,685 shares in the last quarter. Utah Retirement Systems lifted its holdings in Macerich by 2.5% during the 4th quarter. Utah Retirement Systems now owns 36,719 shares of the real estate investment trust’s stock worth $1,590,000 after purchasing an additional 900 shares in the last quarter. Norinchukin Bank The raised its holdings in shares of Macerich by 40.3% in the 4th quarter. Norinchukin Bank The now owns 20,175 shares of the real estate investment trust’s stock valued at $873,000 after acquiring an additional 5,800 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Macerich by 1.1% in the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 32,220 shares of the real estate investment trust’s stock valued at $1,405,000 after acquiring an additional 356 shares in the last quarter. 98.53% of the stock is currently owned by institutional investors.

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.

Featured Article: How to Use the New Google Finance Tool

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.

Leave a Reply