Macerich (NYSE:MAC) had its target price reduced by analysts at Deutsche Bank from $51.00 to $50.00 in a note issued to investors on Tuesday. The firm currently has a “hold” rating on the real estate investment trust’s stock. Deutsche Bank’s target price indicates a potential upside of 13.69% from the company’s current price.
MAC has been the topic of a number of other research reports. Scotiabank began coverage on shares of Macerich in a report on Tuesday, October 16th. They issued a “sector perform” rating on the stock. Wells Fargo & Co cut their price objective on shares of Macerich from $72.50 to $65.50 and set an “outperform” rating on the stock in a report on Friday, December 7th. Morgan Stanley cut shares of Macerich from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $58.00 to $45.00 in a report on Monday, November 26th. BMO Capital Markets set a $56.00 price objective on shares of Macerich and gave the stock a “buy” rating in a report on Thursday, December 13th. Finally, Mizuho set a $51.00 price objective on shares of Macerich and gave the stock a “buy” rating in a report on Sunday, December 16th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $57.93.
MAC stock traded up $0.21 during trading on Tuesday, reaching $43.98. The company had a trading volume of 16,067 shares, compared to its average volume of 1,458,610. Macerich has a 52 week low of $40.90 and a 52 week high of $61.91. The company has a market cap of $6.10 billion, a P/E ratio of 11.42, a PEG ratio of 2.41 and a beta of 0.92. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.99 and a quick ratio of 0.96.
Macerich (NYSE:MAC) last released its quarterly earnings results on Thursday, February 7th. The real estate investment trust reported $1.09 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.09. Macerich had a net margin of 6.25% and a return on equity of 2.41%. The company had revenue of $246.90 million during the quarter, compared to the consensus estimate of $228.64 million. During the same period in the prior year, the firm earned $1.03 earnings per share. Macerich’s revenue was up .7% on a year-over-year basis. On average, equities research analysts expect that Macerich will post 3.68 earnings per share for the current fiscal year.
In other news, CEO Arthur M. Coppola sold 105,574 shares of the stock in a transaction that occurred on Tuesday, December 11th. The shares were sold at an average price of $49.79, for a total transaction of $5,256,529.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Hirsch purchased 4,500 shares of the business’s stock in a transaction dated Tuesday, December 18th. The shares were purchased at an average price of $44.63 per share, for a total transaction of $200,835.00. The disclosure for this purchase can be found here. Corporate insiders own 3.76% of the company’s stock.
Several large investors have recently bought and sold shares of MAC. Accident Compensation Corp lifted its position in Macerich by 182.6% during the fourth quarter. Accident Compensation Corp now owns 27,411 shares of the real estate investment trust’s stock valued at $1,186,000 after purchasing an additional 17,711 shares during the period. Mn Services Vermogensbeheer B.V. lifted its position in Macerich by 7.2% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 17,899 shares of the real estate investment trust’s stock valued at $678,000 after purchasing an additional 1,200 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in Macerich by 20.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,273 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 880 shares during the period. State of Tennessee Treasury Department lifted its position in Macerich by 19.6% during the fourth quarter. State of Tennessee Treasury Department now owns 95,169 shares of the real estate investment trust’s stock valued at $4,118,000 after purchasing an additional 15,564 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new position in Macerich during the fourth quarter valued at approximately $375,000. Hedge funds and other institutional investors own 98.53% of the company’s stock.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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