Macerich (NYSE:MAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.

According to Zacks, “Shares of Macerich have underperformed the industry in the past six months. Moreover, the stock has seen the Zacks Consensus Estimate for full-year 2017 and 2018 funds from operations (FFO) per share being revised downward in a month’s time. Notably, dwindling footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are anticipated to adversely affect the company’s performance in the near term. While Macerich is striving to counter the pressure through efforts to support omni-channel retailing and portfolio revamp, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Further, interest rate hikes and portfolio concentration remain concerns for the company.”

A number of other brokerages have also recently commented on MAC. Royal Bank of Canada cut shares of Macerich from an “outperform” rating to a “sector perform” rating and set a $66.00 target price for the company. in a research report on Wednesday, January 3rd. Evercore ISI cut shares of Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 target price for the company. in a research report on Monday, December 11th. Wells Fargo & Co upgraded shares of Macerich from a “market perform” rating to an “outperform” rating and set a $72.50 target price for the company in a research report on Tuesday, December 19th. Mizuho restated a “hold” rating and set 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 shares of Macerich and gave the stock a “hold” rating in a research report on Monday, October 30th. Three 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $66.85.

Macerich (MAC) traded down $0.13 on Monday, reaching $62.97. 503,100 shares of the company’s stock traded hands, compared to its average volume of 1,685,822. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $8,864.47, a P/E ratio of 59.97, a price-to-earnings-growth ratio of 2.93 and a beta of 0.88. Macerich has a fifty-two week low of $52.12 and a fifty-two week high of $70.96.

Macerich (NYSE:MAC) last issued its earnings results on Monday, October 30th. The real estate investment trust reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.86). The business had revenue of $242.50 million during the quarter, compared to analyst estimates of $226.00 million. Macerich had a net margin of 14.92% and a return on equity of 3.56%. Macerich’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company earned $1.04 earnings per share. sell-side analysts expect that Macerich will post 3.94 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. increased its position in shares of Macerich by 7.9% during the second quarter. Pacer Advisors Inc. now owns 2,774 shares of the real estate investment trust’s stock valued at $161,000 after acquiring an additional 203 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Macerich during the third quarter valued at about $216,000. Sun Life Financial INC increased its position in shares of Macerich by 1,864.0% during the second quarter. Sun Life Financial INC now owns 3,928 shares of the real estate investment trust’s stock valued at $228,000 after acquiring an additional 3,728 shares during the last quarter. Amica Pension Fund Board of Trustees acquired a new stake in shares of Macerich during the third quarter valued at about $229,000. Finally, Riverhead Capital Management LLC increased its position in shares of Macerich by 11.8% during the second quarter. Riverhead Capital Management LLC now owns 4,111 shares of the real estate investment trust’s stock valued at $239,000 after acquiring an additional 435 shares during the last quarter. Hedge funds and other institutional investors own 97.57% of the company’s stock.

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About Macerich

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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