Macerich (NYSE:MAC) Upgraded at Bank of America

Bank of America upgraded shares of Macerich (NYSE:MAC) from a neutral rating to a buy rating in a research note released on Friday, Marketbeat reports. Bank of America currently has $23.00 target price on the real estate investment trust’s stock, up from their previous target price of $19.00.

Several other brokerages also recently weighed in on MAC. Mizuho upgraded Macerich from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $22.00 to $18.00 in a research note on Tuesday, June 10th. JPMorgan Chase & Co. lifted their target price on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Wednesday, August 27th. Truist Financial lifted their target price on Macerich from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Wall Street Zen downgraded Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH began coverage on Macerich in a research note on Friday, July 18th. They issued a “buy” rating and a $25.00 target price on the stock. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.11.

Macerich Trading Up 6.5%

NYSE:MAC opened at $17.86 on Friday. The stock’s 50 day moving average price is $17.56 and its 200 day moving average price is $16.39. The company has a market capitalization of $4.51 billion, a PE ratio of -10.20, a P/E/G ratio of 3.48 and a beta of 2.27. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich has a 52-week low of $12.48 and a 52-week high of $22.27.

Macerich (NYSE:MAC) last announced its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company had revenue of $249.79 million during the quarter, compared to analysts’ expectations of $245.19 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that Macerich will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.8%. Macerich’s payout ratio is currently -38.86%.

Hedge Funds Weigh In On Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp raised its holdings in shares of Macerich by 47.7% in the second quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 972 shares during the last quarter. Quarry LP raised its holdings in shares of Macerich by 2,691.6% in the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 3,203 shares during the last quarter. Signaturefd LLC grew its position in shares of Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 862 shares during the period. Archer Investment Corp purchased a new stake in shares of Macerich in the first quarter valued at $98,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Macerich by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 858 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

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.