Macerich (NYSE:MAC) Upgraded by Evercore to “Hold” Rating

by · The Cerbat Gem

Macerich (NYSE:MAC – Get Free Report) was upgraded by stock analysts at Evercore to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on the company. Citigroup upgraded Macerich from a “neutral” rating to a “buy” rating and increased their target price for the stock from $24.00 to $28.00 in a research report on Tuesday, June 23rd. The Goldman Sachs Group upped their price target on Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a research note on Friday, May 15th. Weiss Ratings cut shares of Macerich from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, June 29th. KeyCorp boosted their target price on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. raised shares of Macerich from an “underweight” rating to a “neutral” rating and raised their target price for the company from $23.00 to $25.00 in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Macerich presently has an average rating of “Moderate Buy” and a consensus target price of $25.14.

Read Our Latest Stock Analysis on MAC

Macerich Stock Up 0.8%

MAC stock opened at $25.48 on Tuesday. The business’s 50-day moving average price is $23.31 and its 200-day moving average price is $20.72. The stock has a market cap of $7.22 billion, a P/E ratio of -35.88, a PEG ratio of 1.69 and a beta of 2.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich has a twelve month low of $15.89 and a twelve month high of $25.97.

Macerich (NYSE:MAC – Get Free Report) last released its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $241.54 million for the quarter, compared to analysts’ expectations of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 EPS. On average, equities research analysts forecast that Macerich will post 1.48 EPS for the current year.

Hedge Funds Weigh In On Macerich

Institutional investors have recently bought and sold shares of the business. DigitalBridge Group Inc. purchased a new position in Macerich in the third quarter worth about $9,146,000. Triad Investment Management purchased a new stake in Macerich during the fourth quarter valued at approximately $3,820,000. Bamco Inc. NY lifted its stake in shares of Macerich by 18.9% in the 3rd quarter. Bamco Inc. NY now owns 2,909,869 shares of the real estate investment trust’s stock valued at $52,960,000 after purchasing an additional 463,102 shares during the last quarter. Centersquare Investment Management LLC boosted its holdings in shares of Macerich by 149.6% in 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 purchasing an additional 3,808,336 shares during the period. Finally, Norges Bank bought a new position in shares of Macerich during the 4th quarter valued at approximately $66,924,000. Institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

(Get Free Report)

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.

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