Zacks Investment Research upgraded shares of Macerich (NYSE:MAC) from a sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “Shares of Macerich have underperformed the industry over the past three months. In addition, the stock has seen the Zacks Consensus Estimate for 2018 funds from operations (FFO) per share being revised downward in a month’s time. The company's fourth-quarter 2017 results reflect a year-over-year decline in revenues. Notably, shrinking footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are expected to adversely affect the company’s performance in the near term. However, Macerich’s increasing adoption of the omni-channel model in retailing is anticipated to enhance the shopping experience and bolster sales volume at tenant stores. Additionally, the company enjoys a premium portfolio and presence of well-capitalized tenants in its roster.”
Several other equities analysts have also weighed in on MAC. BTIG Research reduced their price target on shares of Macerich to $66.00 and set a buy rating for the company in a research report on Wednesday, March 14th. Barclays reduced their price target on shares of Macerich from $62.00 to $60.00 and set an equal weight rating for the company in a research report on Tuesday, January 30th. Citigroup reduced their price target on shares of Macerich from $66.00 to $65.00 and set a neutral rating for the company in a research report on Friday, February 9th. Boenning Scattergood restated a buy rating and set a $75.00 price target on shares of Macerich in a research report on Wednesday, February 7th. Finally, Sandler O’Neill restated a hold rating and set a $63.00 price target on shares of Macerich in a research report on Monday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $65.83.
Macerich (NYSE:MAC) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $1.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.14 by ($0.11). The firm had revenue of $245.30 million during the quarter, compared to analysts’ expectations of $237.90 million. Macerich had a net margin of 14.71% and a return on equity of 3.91%. The business’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 EPS. sell-side analysts expect that Macerich will post 3.96 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 2nd. Shareholders of record on Wednesday, February 21st were given a dividend of $0.74 per share. The ex-dividend date was Tuesday, February 20th. This represents a $2.96 dividend on an annualized basis and a yield of 5.11%. Macerich’s dividend payout ratio is presently 290.20%.
A number of large investors have recently modified their holdings of the business. Public Employees Retirement Association of Colorado boosted its position in Macerich by 3.7% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 24,163 shares of the real estate investment trust’s stock worth $1,587,000 after purchasing an additional 871 shares during the period. DnB Asset Management AS boosted its position in Macerich by 7.7% during the fourth quarter. DnB Asset Management AS now owns 12,595 shares of the real estate investment trust’s stock worth $827,000 after purchasing an additional 900 shares during the period. Xact Kapitalforvaltning AB boosted its position in Macerich by 3.6% during the fourth quarter. Xact Kapitalforvaltning AB now owns 31,562 shares of the real estate investment trust’s stock worth $2,073,000 after purchasing an additional 1,095 shares during the period. Daiwa Securities Group Inc. boosted its position in Macerich by 8.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 15,434 shares of the real estate investment trust’s stock worth $1,014,000 after purchasing an additional 1,166 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Macerich by 1.8% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 66,198 shares of the real estate investment trust’s stock worth $3,639,000 after purchasing an additional 1,194 shares during the period. Hedge funds and other institutional investors own 97.14% of the company’s stock.
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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