Macerich (NYSE:MAC) Price Target Raised to $24.00

Macerich (NYSE:MAC) had its price objective increased by Scotiabank from $22.00 to $24.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target points to a potential upside of 10.61% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Mizuho raised their target price on Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings raised Macerich from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday, May 11th. Citigroup raised their price objective on Macerich from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Wall Street Zen raised Macerich from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. increased their target price on shares of Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Tuesday, March 10th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.69.

Macerich Trading Down 0.8%

MAC opened at $21.70 on Tuesday. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. Macerich has a fifty-two week low of $14.82 and a fifty-two week high of $22.56. The company’s 50 day moving average price is $20.42 and its two-hundred day moving average price is $19.08. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of -30.56, a PEG ratio of 1.47 and a beta of 2.12.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. Macerich’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Macerich will post 1.46 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Macerich by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after buying an additional 13,782 shares in the last quarter. Millennium Management LLC grew its position in shares of Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of Macerich by 12.8% in the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 2,983 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.