Macerich (NYSE:MAC) had its price target raised by research analysts at Bank of America from $60.00 to $62.00 in a research note issued on Monday. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Bank of America’s price target suggests a potential upside of 5.66% from the stock’s current price.
A number of other research firms also recently issued reports on MAC. BMO Capital Markets set a $66.00 price target on Macerich and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Boenning Scattergood set a $75.00 price target on Macerich and gave the stock a “buy” rating in a research note on Friday, May 4th. ValuEngine downgraded Macerich from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Mizuho upgraded Macerich from a “neutral” rating to a “buy” rating in a research note on Friday, April 20th. Finally, Goldman Sachs Group upgraded Macerich from a “sell” rating to a “neutral” rating and raised their price target for the stock from $52.00 to $64.00 in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.31.
NYSE:MAC opened at $58.68 on Monday. The company has a market cap of $8.28 billion, a P/E ratio of 14.91, a PEG ratio of 2.26 and a beta of 0.86. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.50. Macerich has a 52-week low of $52.12 and a 52-week high of $69.73.
Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.91). The firm had revenue of $234.50 million for the quarter, compared to analysts’ expectations of $216.37 million. Macerich had a return on equity of 1.58% and a net margin of 2.52%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. research analysts expect that Macerich will post 3.86 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the business. Ardsley Advisory Partners grew its stake in shares of Macerich by 38.9% in the 2nd quarter. Ardsley Advisory Partners now owns 12,500 shares of the real estate investment trust’s stock valued at $710,000 after purchasing an additional 3,500 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Macerich in the 2nd quarter valued at approximately $426,000. Paloma Partners Management Co purchased a new position in shares of Macerich in the 2nd quarter valued at approximately $974,000. Macquarie Group Ltd. grew its stake in shares of Macerich by 5.1% in the 2nd quarter. Macquarie Group Ltd. now owns 46,275 shares of the real estate investment trust’s stock valued at $2,630,000 after purchasing an additional 2,237 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Macerich in the 2nd quarter valued at approximately $1,994,000. Institutional investors own 95.39% of the company’s stock.
Macerich Company Profile
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 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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