Scotiabank Cuts Macerich (NYSE:MAC) Price Target to $21.00

Macerich (NYSE:MAC - Free Report) had its target price trimmed by Scotiabank from $22.00 to $21.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the real estate investment trust's stock.

Several other brokerages also recently weighed in on MAC. Jefferies Financial Group raised shares of Macerich from a "hold" rating to a "buy" rating and upped their target price for the stock from $19.00 to $23.00 in a research note on Thursday, January 2nd. Compass Point increased their price objective on shares of Macerich from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Piper Sandler dropped their price objective on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Mizuho raised shares of Macerich from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $14.00 to $22.00 in a research report on Wednesday, December 4th. Finally, StockNews.com downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Macerich currently has a consensus rating of "Hold" and an average target price of $19.13.

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Macerich Stock Down 4.1 %

MAC traded down $0.73 during trading hours on Thursday, hitting $16.87. 2,176,728 shares of the company's stock were exchanged, compared to its average volume of 1,790,931. Macerich has a 12-month low of $12.99 and a 12-month high of $22.27. The firm has a 50 day moving average of $19.92 and a 200 day moving average of $19.02. The firm has a market cap of $4.26 billion, a P/E ratio of 43.24, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date is Tuesday, March 4th. Macerich's dividend payout ratio is currently -86.08%.

Insider Buying and Selling

In related news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction 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 owns 83,479 shares in the company, valued at $1,718,832.61. This represents a 43.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Institutional Trading of Macerich

A number of large investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new position in Macerich during the 4th quarter worth $90,000. Public Employees Retirement System of Ohio raised its position in Macerich by 12.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 352,623 shares of the real estate investment trust's stock worth $7,024,000 after buying an additional 38,623 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Macerich by 4.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,619,222 shares of the real estate investment trust's stock worth $32,255,000 after buying an additional 72,849 shares during the last quarter. Woodline Partners LP purchased a new position in Macerich during the 4th quarter worth $16,778,000. Finally, State of Wyoming purchased a new position in Macerich during the 4th quarter worth $55,000. Institutional investors and hedge funds own 87.38% of the company's stock.

About Macerich

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.