Macerich (NYSE:MAC) Raised to “Outperform” at Mizuho

Macerich (NYSE:MAC) was upgraded by research analysts at Mizuho from a “neutral” rating to an “outperform” rating in a report issued on Tuesday,Finviz reports. The brokerage currently has a $18.00 price target on the real estate investment trust’s stock. Mizuho’s target price suggests a potential upside of 9.55% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Scotiabank reduced their target price on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Truist Financial raised their price objective on Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley lowered their price objective on Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. Piper Sandler raised Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a research report on Thursday, May 22nd. Finally, The Goldman Sachs Group lowered their price target on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a report on Monday, March 10th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Macerich presently has an average rating of “Hold” and an average price target of $18.78.

Macerich Price Performance

Shares of NYSE:MAC opened at $16.43 on Tuesday. The stock has a market capitalization of $4.15 billion, a P/E ratio of 42.13, a P/E/G ratio of 0.71 and a beta of 2.17. The business has a 50-day moving average of $15.07 and a two-hundred day moving average of $18.04. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million for the quarter, compared to the consensus estimate of $221.61 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the business earned $0.33 EPS. On average, equities research analysts predict that Macerich will post 1.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Macerich

Several hedge funds have recently bought and sold shares of MAC. CIBC Private Wealth Group LLC increased its holdings in shares of Macerich by 9.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after acquiring an additional 512 shares during the last quarter. M&T Bank Corp raised its holdings in Macerich by 2.8% in the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock valued at $403,000 after acquiring an additional 543 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in Macerich by 5.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after acquiring an additional 665 shares during the last quarter. AQR Capital Management LLC lifted its position in Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 813 shares during the last quarter. Finally, Assetmark Inc. lifted its position in Macerich by 4.5% during the first quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust’s stock worth $335,000 after acquiring an additional 839 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.