Piper Sandler Has Lowered Expectations for Macerich (NYSE:MAC) Stock Price

Macerich (NYSE:MAC) had its price objective reduced by equities researchers at Piper Sandler from $17.00 to $16.00 in a report released on Friday,Benzinga reports. The firm currently has an “underweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price would indicate a potential downside of 11.28% from the company’s current price.

Several other analysts also recently commented on MAC. Compass Point increased their target price on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and increased their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Scotiabank raised Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price target on the stock in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on Macerich in a report on Tuesday, December 17th. They set a “hold” rating and a $22.00 price target on the stock. Finally, StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Macerich has a consensus rating of “Hold” and a consensus target price of $19.22.

Macerich Stock Performance

Shares of MAC opened at $18.04 on Friday. The business’s fifty day simple moving average is $20.17 and its two-hundred day simple moving average is $18.92. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 46.24, a P/E/G ratio of 0.71 and a beta of 2.50.

Insider Buying and Selling

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the sale, the director now directly owns 83,479 shares of the company’s stock, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Institutional Investors Weigh In On Macerich

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. grew its position in shares of Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 933 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Macerich by 1,298.4% during the third quarter. International Assets Investment Management LLC now owns 260,598 shares of the real estate investment trust’s stock valued at $4,753,000 after purchasing an additional 241,963 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 2,161 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in shares of Macerich by 5.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 139,352 shares of the real estate investment trust’s stock valued at $2,452,000 after purchasing an additional 7,554 shares in the last quarter. Finally, abrdn plc grew its position in shares of Macerich by 9.2% during the third quarter. abrdn plc now owns 42,971 shares of the real estate investment trust’s stock valued at $784,000 after purchasing an additional 3,636 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

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.