JPMorgan Chase & Co. Lowers Macerich (NYSE:MAC) Price Target to $18.00

Macerich (NYSE:MAC - Free Report) had its price target decreased by JPMorgan Chase & Co. from $22.00 to $18.00 in a research report released on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the real estate investment trust's stock.

Other research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a report on Tuesday, December 17th. They issued a "hold" rating and a $22.00 target price for the company. Jefferies Financial Group upgraded shares of Macerich from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Mizuho upgraded Macerich from an "underperform" rating to a "neutral" rating and increased their target price for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. Scotiabank decreased their price target on Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a research note on Thursday, March 6th. Finally, Piper Sandler dropped their price objective on Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $19.03.

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Macerich Stock Up 2.8 %

Shares of NYSE:MAC traded up $0.45 on Monday, hitting $16.33. 4,193,356 shares of the company traded hands, compared to its average volume of 1,806,946. The stock has a 50 day simple moving average of $19.76 and a 200-day simple moving average of $19.06. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The company has a market cap of $4.12 billion, a PE ratio of 41.86, a PEG ratio of 0.71 and a beta of 2.62. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Tuesday, March 4th. Macerich's payout ratio is currently -86.08%.

Insider Transactions at Macerich

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the company's stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares of the company's stock, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Macerich

Hedge funds have recently modified their holdings of the business. Quantbot Technologies LP purchased a new position in Macerich during the fourth quarter valued at $30,000. Lazard Asset Management LLC purchased a new position in shares of Macerich during the 4th quarter valued at about $45,000. Blue Trust Inc. grew its stake in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after acquiring an additional 1,064 shares during the period. State of Wyoming purchased a new stake in Macerich in the 4th quarter worth approximately $55,000. Finally, Smartleaf Asset Management LLC raised its stake in Macerich by 314.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust's stock worth $69,000 after acquiring an additional 2,630 shares during the period. 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.