Boenning Scattergood reiterated their buy rating on shares of Macerich (NYSE:MAC) in a research note published on Wednesday morning. They currently have a $75.00 target price on the real estate investment trust’s stock. Boenning Scattergood also issued estimates for Macerich’s Q1 2018 earnings at $0.82 EPS, Q2 2018 earnings at $0.95 EPS, Q3 2018 earnings at $1.00 EPS, Q4 2018 earnings at $1.22 EPS, FY2018 earnings at $3.99 EPS, Q1 2019 earnings at $0.95 EPS, Q2 2019 earnings at $0.98 EPS, Q3 2019 earnings at $1.03 EPS, Q4 2019 earnings at $1.22 EPS and FY2019 earnings at $4.18 EPS.
“We reiterate our Outperform rating and price target of $75 per share, a discount to our estimated NAV of approximately $84.”,” the firm’s analyst commented.
A number of other equities research analysts have also weighed in on MAC. BMO Capital Markets set a $55.00 target price on shares of Macerich and gave the company a hold rating in a research note on Monday, October 30th. Royal Bank of Canada reaffirmed a buy rating and set a $66.00 target price on shares of Macerich in a research note on Thursday, November 2nd. Mizuho reaffirmed a hold rating and set a $60.00 target price on shares of Macerich in a research note on Friday, November 10th. Evercore ISI lowered shares of 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. Finally, Wells Fargo & Co raised shares of Macerich from a market perform rating to an outperform rating and set a $72.50 target price on the stock in a research note on Tuesday, December 19th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $67.09.
Macerich (NYSE:MAC) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.11). Macerich had a net margin of 14.71% and a return on equity of 3.91%. The firm had revenue of $245.30 million during the quarter, compared to analysts’ expectations of $237.90 million. During the same quarter in the previous year, the firm posted $1.17 EPS. Macerich’s revenue was down 6.2% compared to the same quarter last year. equities research analysts expect that Macerich will post 4.01 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Wednesday, February 21st will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 4.90%. The ex-dividend date is Tuesday, February 20th. Macerich’s payout ratio is currently 290.20%.
A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Macerich by 3.7% during the fourth quarter. BlackRock Inc. now owns 11,422,384 shares of the real estate investment trust’s stock worth $750,223,000 after acquiring an additional 412,265 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 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 worth $159,359,000 after acquiring an additional 143,975 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 worth $112,533,000 after acquiring an additional 49,918 shares in the last quarter. Third Point LLC bought a new stake in Macerich during the third quarter worth about $94,878,000. Finally, Canada Pension Plan Investment Board boosted its stake in 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 worth $68,849,000 after acquiring an additional 353,900 shares in the last quarter. 98.21% of the stock is currently owned by institutional investors and hedge funds.
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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.
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