Citigroup Forecasts Strong Price Appreciation for Macerich (NYSE:MAC) Stock

Macerich (NYSE:MAC) had its price objective hoisted by investment analysts at Citigroup from $19.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup’s price target would indicate a potential upside of 1.11% from the stock’s current price.

Several other equities research analysts have also recently commented on MAC. Scotiabank increased their price target on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, November 13th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Mizuho set a $21.00 price target on shares of Macerich in a research report on Friday, January 9th. Finally, KeyCorp set a $25.00 price objective on shares of Macerich and gave the stock an “overweight” rating in a research report on Monday. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Macerich presently has a consensus rating of “Hold” and a consensus price target of $20.26.

Macerich Stock Performance

NYSE:MAC opened at $20.77 on Wednesday. The company has a market cap of $5.33 billion, a P/E ratio of -26.97, a P/E/G ratio of 1.41 and a beta of 2.16. Macerich has a twelve month low of $12.48 and a twelve month high of $20.90. The company’s 50-day moving average price is $18.84 and its 200-day moving average price is $18.03. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 2.01.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.50). Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The business had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. During the same period in the prior year, the company posted $0.47 EPS. The firm’s revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts forecast that Macerich will post 1.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its position in shares of Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 585 shares during the last quarter. Global Retirement Partners LLC boosted its position in shares of Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares during the period. Hantz Financial Services Inc. increased its holdings in Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares during the last quarter. Triumph Capital Management purchased a new stake in Macerich in the third quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC lifted its stake in Macerich by 156.6% during the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 1,336 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

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.