Macerich (MAC) Cut to “Sector Perform” at Royal Bank of Canada
Royal Bank of Canada cut shares of Macerich (NYSE:MAC) from an outperform rating to a sector perform rating in a research report released on Wednesday morning, MarketBeat.com reports. They currently have $66.00 price target on the real estate investment trust’s stock.
A number of other research firms also recently weighed in on MAC. Jefferies Group reaffirmed a hold rating and set a $57.00 price objective on shares of Macerich in a report on Tuesday, September 26th. Evercore ISI downgraded Macerich from an in-line rating to an underperform rating and set a $62.00 price objective on the stock. in a report on Monday, December 11th. Boenning Scattergood set a $75.00 price objective on Macerich and gave the company a buy rating in a report on Wednesday, November 1st. Mizuho reaffirmed a hold rating and set a $60.00 price objective on shares of Macerich in a report on Friday, November 10th. Finally, BMO Capital Markets initiated coverage on shares of Macerich in a research note on Monday, September 11th. They issued a market perform rating and a $55.00 target price for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. Macerich presently has a consensus rating of Hold and a consensus price target of $66.85.
Shares of Macerich (NYSE:MAC) opened at $64.81 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $9,009.46, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 2.97 and a beta of 0.88. Macerich has a 1-year low of $52.12 and a 1-year high of $73.34.
Several large investors have recently bought and sold shares of MAC. Pacer Advisors Inc. raised its position in Macerich by 7.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,774 shares of the real estate investment trust’s stock worth $161,000 after purchasing an additional 203 shares during the last quarter. Sun Life Financial INC raised its position in Macerich by 1,864.0% in the 2nd quarter. Sun Life Financial INC now owns 3,928 shares of the real estate investment trust’s stock worth $228,000 after purchasing an additional 3,728 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Macerich in the 3rd quarter worth approximately $216,000. Riverhead Capital Management LLC raised its position in Macerich by 11.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,111 shares of the real estate investment trust’s stock worth $239,000 after purchasing an additional 435 shares during the last quarter. Finally, Amica Pension Fund Board of Trustees bought a new position in Macerich in the 3rd quarter worth approximately $229,000. Institutional investors own 97.58% of the company’s stock.
Macerich Company Profile
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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