Macerich (NYSE:MAC) Downgraded by Piper Sandler to “Underweight”

Piper Sandler lowered shares of Macerich (NYSE:MAC) from a neutral rating to an underweight rating in a research report report published on Wednesday, Marketbeat.com reports. Piper Sandler currently has $11.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $17.00.

Other research analysts have also issued research reports about the stock. Truist Financial reaffirmed a hold rating and issued a $16.00 target price on shares of Macerich in a research note on Monday, March 25th. The Goldman Sachs Group lifted their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a sell rating in a report on Thursday, January 11th. Citigroup upgraded Macerich from a sell rating to a neutral rating and raised their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, StockNews.com cut shares of Macerich from a hold rating to a sell rating in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $14.83.

Macerich Stock Performance

MAC stock opened at $13.46 on Wednesday. The company has a 50 day moving average price of $16.24 and a 200 day moving average price of $14.63. Macerich has a fifty-two week low of $9.05 and a fifty-two week 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 market capitalization of $2.90 billion, a PE ratio of -8.63, a price-to-earnings-growth ratio of 1.55 and a beta of 2.38.

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). The firm had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company’s revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS. Analysts forecast that Macerich will post 1.8 EPS for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $0.68 annualized dividend and a yield of 5.05%. Macerich’s dividend payout ratio is currently -43.59%.

Insider Buying and Selling

In other news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the sale, the director now directly owns 197,900 shares in the company, valued at $3,243,581. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Macerich news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the sale, the director now directly owns 197,900 shares in the company, valued at approximately $3,243,581. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,964 shares of company stock valued at $2,940,030. Company insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC boosted 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 valued at $582,000 after buying an additional 10,790 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Macerich by 3,114.0% in the first quarter. Commonwealth Equity Services LLC now owns 428,936 shares of the real estate investment trust’s stock valued at $7,391,000 after acquiring an additional 415,590 shares during the last quarter. New Mexico Educational Retirement Board bought a new position in shares of Macerich in the 1st quarter valued at about $756,000. Monument Capital Management acquired a new position in shares of Macerich during the 1st quarter worth about $406,000. Finally, SeaCrest Wealth Management LLC raised its holdings in shares of Macerich by 1.6% in the 1st quarter. SeaCrest Wealth Management LLC now owns 60,937 shares of the real estate investment trust’s stock valued at $1,050,000 after purchasing an additional 978 shares during the period. Institutional investors and hedge funds 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.