Macerich Company (NYSE:MAC – Get Rating ) has been assigned a consensus rating of “Hold” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $12.55.
Several research analysts have issued reports on MAC shares. Piper Sandler boosted their price target on Macerich to $9.00 in a research report on Wednesday, November 16th. StockNews.com began coverage on Macerich in a research note on Wednesday, October 12th. They issued a “Sell” rating on the stock. TheStreet raised Macerich from a “d+” rating to a “c-” rating in a research report on Thursday, November 17th. Mizuho boosted their target price on Macerich from $10.00 to $11.00 in a research report on Friday, December 2nd. Finally, Evercore ISI dropped their price objective on Macerich from $13.00 to $11.00 and set an “in-line” rating for the company in a report on Tuesday, September 27th.
Insider activity at Macerich
In other Macerich news, CAO Christopher J. Zecchini sold 2,000 shares of Macerich stock in a transaction dated Tuesday, November 29th. The stock was sold at an average price of $12.65, for a total transaction of $25,300.00. Following the completion of the sale, the chief accounting officer now directly owns 7,458 shares of the company’s stock, valued at approximately $94,343.70. The sale was disclosed in a filing with the Securities and Exchange Commission, which can be accessed at this link. In related news, CAO Christopher J. Zecchini sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 29th. The stock was sold at an average price of $12.65, for a total value of $25,300.00. Following the transaction, the chief accounting officer now owns 7,458 shares in the company, valued at approximately $94,343.70. The sale was disclosed in a legal filing with the Securities and Exchange Commission, available via this hyperlink. Also, financial director Scott W. Kingsmore acquired 4,000 shares of the company’s stock in a transaction dated Monday, September 26th. The stock traded at an average of $7.54 per share, for a total transaction of $30,160.00. Following the transaction, the chief financial officer now directly owns 36,310 shares of the company’s stock, valued at $273,777.40. Information about this purchase can be found here. Insiders have purchased 93,517 shares of company stock valued at $754,342 over the last three months. Company insiders own 1.77% of the company’s shares.
Institutional investors have weighed in on Macerich
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Macerich by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 30,989,432 shares of the real estate investment trust’s stock worth $246,057,000 after purchasing an additional 136,337 shares during the last quarter. State Street Corp lifted its position in shares of Macerich by 0.7% in the third quarter. State Street Corp now owns 13,032,340 shares of the real estate investment trust’s stock valued at $103,477,000 after buying an additional 85,180 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Macerich by 20.8% in the first quarter. JPMorgan Chase & Co. now owns 10,020,806 shares of the real estate investment trust’s stock worth $156,724,000 after acquiring an additional 1,727,483 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Macerich by 1,536.8% in the first quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock worth $74,806,000 after acquiring an additional 4,490,809 shares in the last quarter. Finally, Epoch Investment Partners Inc. lifted its holdings in Macerich by 0.4% in the third quarter. Epoch Investment Partners Inc. now owns 3,888,199 shares of the real estate investment trust’s stock worth $30,872,000 after acquiring an additional 13,793 shares during the last quarter. Hedge funds and other institutional investors own 83.33% of the company’s shares.
Macerich shares fell by 1.5%
Shares of MAC stock opened at $12.25 on Friday. The firm has a market cap of $2.63 billion, a P/E ratio of -31.41, a P/E/G ratio of 1.88 and a beta of 2.06. Macerich has a 1 year low of $7.40 and a 1 year high of $19.18. The company has a debt equity ratio of 1.46, a current ratio of 0.90, and a quick ratio of 0.90. The stock has a 50 day simple moving average of $11.51 and a 200 day simple moving average of $10.34.
McErich raises dividend
The business also recently announced a quarterly dividend, which was paid on Friday, December 2nd. Investors of record on Wednesday, November 9th were issued a $0.17 dividend. The ex-dividend date for this dividend was Tuesday, November 8th. This is a positive change from Macerich’s previous quarterly dividend of $0.15. This represents a dividend of $0.68 annually and a yield of 5.55%. Macerich’s dividend payout ratio (DPR) is -174.36%.
Macerich is a fully integrated, self-managed and self-managed real estate investment trust focused on the acquisition, lease, management, development and redevelopment of regional shopping centers in the United States. Macerich currently owns 51 million square feet of real estate, primarily comprising 47 regional shopping centers.
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