Mizuho Cuts Macerich (NYSE:MAC) Price Target to $14.00

Macerich (NYSE:MAC) had its price target cut by Mizuho from $17.00 to $14.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an underperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also weighed in on the company. Piper Sandler lowered Macerich from a neutral rating to an underweight rating and lowered their target price for the company from $17.00 to $11.00 in a research note on Wednesday. Truist Financial reaffirmed a hold rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. The Goldman Sachs Group upped their price target on Macerich from $9.00 to $13.00 and gave the company a sell rating in a research report on Thursday, January 11th. StockNews.com lowered Macerich from a hold rating to a sell rating in a research report on Tuesday. Finally, Citigroup raised Macerich from a sell rating to a neutral rating and upped their price target for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $14.83.

Macerich Trading Up 3.6 %

NYSE MAC opened at $14.30 on Wednesday. Macerich has a 1-year low of $9.05 and a 1-year high of $17.69. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95. The stock has a 50-day moving average of $16.05 and a 200-day moving average of $14.64.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. The company had revenue of $238.70 million during the quarter, compared to the consensus estimate of $224.49 million. During the same period last year, the firm posted $0.53 EPS. The company’s revenue was up 4.6% on a year-over-year basis. Research analysts expect that Macerich will post 1.77 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.76%. Macerich’s dividend payout ratio (DPR) is -43.59%.

Insiders Place Their Bets

In other Macerich news, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total value of $1,609,300.00. Following the sale, the director now owns 102,900 shares in the company, valued at approximately $1,743,126. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the sale, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 172,964 shares of company stock worth $2,940,030. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new stake in shares of Macerich in the 1st quarter worth approximately $807,000. Jennison Associates LLC purchased a new stake in shares of Macerich in the 1st quarter worth approximately $602,000. Daiwa Securities Group Inc. boosted its stake in Macerich by 7.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 70,098 shares of the real estate investment trust’s stock valued at $1,208,000 after purchasing an additional 4,691 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in Macerich during the 1st quarter valued at $46,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Macerich by 47.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 33,768 shares of the real estate investment trust’s stock worth $582,000 after purchasing an additional 10,790 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.