Macerich (NYSE:MAC) Rating Increased to Hold at Wall Street Zen

Macerich (NYSE:MAC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities research analysts have also issued reports on the company. Mizuho increased their price target on Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Citigroup raised Macerich from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $24.00 to $28.00 in a research report on Tuesday. LADENBURG THALM/SH SH upped their target price on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Evercore set a $22.00 target price on shares of Macerich in a report on Friday, May 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a research note on Friday, May 15th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Macerich Stock Up 1.3%

Macerich stock opened at $25.81 on Friday. The firm has a market capitalization of $7.32 billion, a P/E ratio of -36.35, a P/E/G ratio of 1.71 and a beta of 2.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a twelve month low of $15.88 and a twelve month high of $25.97. The stock’s fifty day simple moving average is $22.78 and its 200-day simple moving average is $20.35.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same period last year, the business posted $0.33 earnings per share. Macerich’s revenue was down 3.1% compared to the same quarter last year. As a group, equities analysts expect that Macerich will post 1.48 earnings per share for the current fiscal year.

Institutional Trading of Macerich

Institutional investors have recently bought and sold shares of the business. Centersquare Investment Management LLC lifted its position in shares of Macerich by 149.6% during the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Norges Bank purchased a new position in shares of Macerich in the 4th quarter valued at $66,924,000. Resolution Capital Ltd grew its position in shares of Macerich by 204.0% in the 1st quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock valued at $82,861,000 after buying an additional 2,941,909 shares during the last quarter. Wellington Management Group LLP raised its stake in Macerich by 139.8% during the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock worth $67,855,000 after acquiring an additional 2,142,737 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after acquiring an additional 2,034,338 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

About Macerich

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.