Macerich (MAC) Receives “Hold” Rating from Morgan Stanley

Morgan Stanley reaffirmed their hold rating on shares of Macerich (NYSE:MAC) in a research note published on Tuesday.

A number of other brokerages also recently issued reports on MAC. BMO Capital Markets set a $62.00 price objective on Macerich and gave the stock a hold rating in a research report on Monday, February 5th. Evercore ISI cut Macerich from an in-line rating to an underperform rating and set a $62.00 target price on the stock. in a research note on Monday, December 11th. Zacks Investment Research cut Macerich from a hold rating to a sell rating in a research note on Monday, January 15th. Royal Bank of Canada cut Macerich from an outperform rating to a sector perform rating and set a $66.00 target price on the stock. in a research note on Wednesday, January 3rd. Finally, Boenning Scattergood set a $75.00 target price on Macerich and gave the company a buy rating in a research note on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $67.09.

Shares of Macerich (NYSE MAC) opened at $60.41 on Tuesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.88 and a quick ratio of 0.85. Macerich has a 12-month low of $52.12 and a 12-month high of $69.73. The stock has a market capitalization of $8,473.12, a price-to-earnings ratio of 59.23, a P/E/G ratio of 2.86 and a beta of 0.83.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.11). Macerich had a return on equity of 3.91% and a net margin of 14.71%. The business had revenue of $245.30 million during the quarter, compared to analysts’ expectations of $237.90 million. During the same quarter last year, the business posted $1.17 EPS. The company’s quarterly revenue was down 6.2% on a year-over-year basis. analysts expect that Macerich will post 4.01 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Stockholders of record on Wednesday, February 21st will be paid a dividend of $0.74 per share. The ex-dividend date is Tuesday, February 20th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 4.90%. Macerich’s dividend payout ratio (DPR) is currently 290.20%.

Several large investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Macerich by 3.7% during the fourth quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock valued at $750,223,000 after buying an additional 412,265 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Macerich by 5.2% during the third quarter. Bank of New York Mellon Corp now owns 2,899,041 shares of the real estate investment trust’s stock valued at $159,359,000 after buying an additional 143,975 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Macerich by 2.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,047,155 shares of the real estate investment trust’s stock valued at $112,533,000 after buying an additional 49,918 shares during the last quarter. Third Point LLC bought a new position in shares of Macerich during the third quarter valued at about $94,878,000. Finally, Canada Pension Plan Investment Board grew its stake in shares of Macerich by 39.4% during the third quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock valued at $68,849,000 after buying an additional 353,900 shares during the last quarter. 98.21% of the stock is currently owned by hedge funds and other institutional investors.

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About Macerich

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.

Analyst Recommendations for Macerich (NYSE:MAC)

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