Macerich (NYSE:MAC) Raised to “Sector Outperform” at Scotiabank

Macerich (NYSE:MAC) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report released on Monday, MarketBeat.com reports. The firm currently has a $22.00 price objective on the real estate investment trust’s stock. Scotiabank’s price objective would suggest a potential upside of 20.03% from the stock’s current price.

MAC has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. KeyCorp set a $25.00 price objective on shares of Macerich and gave the stock an “overweight” rating in a report on Monday, February 23rd. Jefferies Financial Group restated a “buy” rating and set a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. The Goldman Sachs Group lifted their target price on Macerich from $15.00 to $17.00 and gave the stock a “sell” rating in a research report on Monday, March 2nd. Finally, Mizuho set a $21.00 price target on Macerich in a research note on Friday, January 9th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.69.

Macerich Stock Performance

Macerich stock opened at $18.33 on Monday. The firm has a market capitalization of $4.70 billion, a PE ratio of -23.80, a price-to-earnings-growth ratio of 1.26 and a beta of 2.17. Macerich has a one year low of $12.48 and a one year high of $20.93. The stock’s 50 day moving average price is $19.06 and its 200 day moving average price is $18.21. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02.

Macerich (NYSE:MAC) last issued 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). The firm had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The firm’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the business earned $0.47 EPS. As a group, sell-side analysts expect that Macerich will post 1.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MAC. Farther Finance Advisors LLC increased its position in shares of Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 585 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Macerich by 366.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 684 shares during the last quarter. Triumph Capital Management acquired a new position in Macerich in the third quarter worth about $33,000. Finally, Salomon & Ludwin LLC grew its stake in Macerich by 156.6% in 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. 87.38% of the stock is owned by institutional investors and hedge funds.

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.