Macerich (NYSE:MAC)‘s stock had its “buy” rating reiterated by analysts at BMO Capital Markets in a research report issued to clients and investors on Tuesday. They currently have a $64.00 target price on the real estate investment trust’s stock. BMO Capital Markets’ target price suggests a potential upside of 17.04% from the company’s current price.
Several other analysts have also recently weighed in on MAC. Zacks Investment Research cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Wednesday, May 30th. Barclays lifted their price target on shares of Macerich from $56.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, May 31st. Morgan Stanley cut their price target on shares of Macerich from $62.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, June 14th. Goldman Sachs Group upgraded shares of Macerich from a “sell” rating to a “neutral” rating and lifted their price target for the company from $52.00 to $64.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Finally, Bank of America lifted their price target on shares of Macerich from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $64.79.
NYSE:MAC opened at $54.68 on Tuesday. The firm has a market capitalization of $7.80 billion, a P/E ratio of 14.03, a P/E/G ratio of 2.23 and a beta of 0.80. Macerich has a twelve month low of $52.45 and a twelve month high of $69.73. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.50.
Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.91). The company had revenue of $234.50 million during the quarter, compared to the consensus estimate of $216.37 million. Macerich had a net margin of 2.52% and a return on equity of 1.58%. The business’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 EPS. analysts predict that Macerich will post 3.91 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in MAC. Bank of America Corp DE lifted its position in Macerich by 206.8% during the second quarter. Bank of America Corp DE now owns 4,263,864 shares of the real estate investment trust’s stock valued at $242,316,000 after buying an additional 2,874,194 shares during the period. Centersquare Investment Management LLC lifted its position in Macerich by 1,970.4% during the second quarter. Centersquare Investment Management LLC now owns 730,444 shares of the real estate investment trust’s stock valued at $41,511,000 after buying an additional 695,164 shares during the period. Millennium Management LLC lifted its position in Macerich by 5,624.2% during the second quarter. Millennium Management LLC now owns 625,313 shares of the real estate investment trust’s stock valued at $35,537,000 after buying an additional 614,389 shares during the period. Crabel Capital Management LLC purchased a new position in Macerich during the second quarter valued at $28,642,000. Finally, BlackRock Inc. lifted its position in Macerich by 3.5% during the second quarter. BlackRock Inc. now owns 11,835,896 shares of the real estate investment trust’s stock valued at $672,633,000 after buying an additional 395,528 shares during the period. 96.30% of the stock is owned by institutional investors and hedge funds.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
Further Reading: Compound Annual Growth Rate (CAGR)
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