Macerich (MAC) Lowered to “Underperform” at Evercore ISI
Macerich (NYSE:MAC) was downgraded by Evercore ISI from an “in-line” rating to an “underperform” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They presently have a $62.00 target price on the real estate investment trust’s stock. Evercore ISI’s price target would indicate a potential downside of 5.70% from the company’s current price.
Other equities research analysts have also issued research reports about the company. KeyCorp restated a “buy” rating and issued a $75.00 price objective on shares of Macerich in a research report on Thursday, September 28th. Royal Bank Of Canada restated a “buy” rating and issued a $66.00 price objective on shares of Macerich in a research report on Thursday, November 2nd. Boenning Scattergood set a $75.00 price objective on Macerich and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Mizuho restated a “hold” rating and issued a $60.00 price objective on shares of Macerich in a research report on Friday, November 10th. Finally, BMO Capital Markets set a $55.00 price objective on Macerich and gave the stock a “hold” rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Macerich presently has an average rating of “Hold” and an average target price of $66.50.
Macerich (NYSE MAC) traded up $1.28 during trading on Monday, reaching $65.75. The company’s stock had a trading volume of 1,228,800 shares, compared to its average volume of 1,471,192. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.25. Macerich has a 1-year low of $52.12 and a 1-year high of $73.34. The stock has a market cap of $9,255.82, a price-to-earnings ratio of 16.52, a PEG ratio of 3.08 and a beta of 0.88.
Several large investors have recently made changes to their positions in the company. AEW Capital Management L P lifted its position in shares of Macerich by 306.7% during the 2nd quarter. AEW Capital Management L P now owns 3,132,200 shares of the real estate investment trust’s stock valued at $35,531,000 after buying an additional 2,362,121 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Macerich by 5.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,899,041 shares of the real estate investment trust’s stock valued at $159,359,000 after purchasing an additional 143,975 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Macerich by 2.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,047,155 shares of the real estate investment trust’s stock valued at $112,533,000 after purchasing an additional 49,918 shares in the last quarter. Third Point LLC purchased a new position in Macerich in the 3rd quarter valued at $94,878,000. Finally, Canada Pension Plan Investment Board lifted its holdings in Macerich by 39.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock valued at $68,849,000 after purchasing an additional 353,900 shares in the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.
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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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