Macerich (NYSE:MAC) Downgraded to “Sell” Rating by StockNews.com

StockNews.com lowered shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research report report published on Thursday morning.

Several other equities research analysts have also recently weighed in on MAC. Bank of America upped their target price on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Evercore ISI upped their price objective on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Compass Point upped their price objective on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler upped their price objective on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group upped their target price on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research report on Thursday, September 19th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.40.

Macerich Trading Up 1.1 %

Shares of NYSE MAC traded up $0.22 during trading hours on Thursday, hitting $19.52. 683,714 shares of the company traded hands, compared to its average volume of 1,770,391. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -58.50, a price-to-earnings-growth ratio of 0.62 and a beta of 2.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76. The company’s 50 day moving average price is $17.55 and its 200 day moving average price is $16.02. Macerich has a 12 month low of $9.90 and a 12 month high of $20.27.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.48%. Macerich’s dividend payout ratio is currently -206.05%.

Hedge Funds Weigh In On Macerich

A number of hedge funds have recently bought and sold shares of MAC. Russell Investments Group Ltd. boosted its position in Macerich by 1,845.1% during the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after purchasing an additional 1,108,770 shares in the last quarter. Smead Capital Management Inc. lifted its position in shares of Macerich by 3.5% in the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after acquiring an additional 688,790 shares in the last quarter. Sei Investments Co. purchased a new position in shares of Macerich in the second quarter valued at approximately $10,625,000. Millennium Management LLC lifted its position in shares of Macerich by 153.0% in the second quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock valued at $12,227,000 after acquiring an additional 478,930 shares in the last quarter. Finally, Candriam S.C.A. lifted its position in shares of Macerich by 138.2% in the second quarter. Candriam S.C.A. now owns 528,252 shares of the real estate investment trust’s stock valued at $8,156,000 after acquiring an additional 306,509 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.