Macerich (NYSE:MAC - Free Report) had its price objective decreased by The Goldman Sachs Group from $16.70 to $14.40 in a research note released on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the real estate investment trust's stock.
Several other equities analysts also recently weighed in on MAC. Deutsche Bank Aktiengesellschaft began coverage on Macerich in a research note on Tuesday, December 17th. They issued a "hold" rating and a $22.00 price objective for the company. Mizuho raised Macerich from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. Piper Sandler dropped their price objective on Macerich from $17.00 to $16.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research note on Monday. Finally, Scotiabank dropped their price objective 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. 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 company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $19.03.
Check Out Our Latest Stock Analysis on Macerich
Macerich Price Performance
Shares of MAC traded up $0.45 during mid-day trading on Monday, hitting $16.33. The company's stock had a trading volume of 4,193,356 shares, compared to its average volume of 1,806,812. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm has a 50-day simple moving average of $19.76 and a 200 day simple moving average of $19.06. The firm has a market capitalization of $4.12 billion, a P/E ratio of 41.86, a P/E/G ratio of 0.71 and a beta of 2.62. Macerich has a 1-year low of $12.99 and a 1-year high of $22.27.
Macerich Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Tuesday, March 4th. Macerich's dividend payout ratio is currently -86.08%.
Insider Activity at Macerich
In related news, Director Andrea M. Stephen sold 63,289 shares of the company's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the transaction, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.53% of the company's stock.
Hedge Funds Weigh In On Macerich
Several institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC increased its stake in Macerich by 9.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock valued at $118,000 after purchasing an additional 512 shares during the last quarter. M&T Bank Corp increased its stake in Macerich by 2.8% in the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust's stock valued at $403,000 after purchasing an additional 543 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Macerich by 5.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust's stock valued at $244,000 after purchasing an additional 665 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in Macerich by 0.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust's stock valued at $5,029,000 after acquiring an additional 700 shares during the period. Finally, Townsquare Capital LLC grew its position in Macerich by 7.2% during the third quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust's stock valued at $245,000 after acquiring an additional 902 shares during the period. 87.38% of the stock is currently owned by institutional investors and hedge funds.
Macerich Company Profile
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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.
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