Macerich (NYSE:MAC) Price Target Raised to $25.00

Macerich (NYSE:MAC) had its target price raised by research analysts at Morgan Stanley from $20.00 to $25.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target indicates a potential upside of 6.22% from the stock’s previous close.

A number of other research analysts also recently commented on the company. Mizuho boosted their target price on Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. KeyCorp raised their price target on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and lifted their price target for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. Wall Street Zen cut Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Scotiabank raised their price objective on shares of Macerich from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.92.

Macerich Stock Up 2.3%

MAC stock traded up $0.54 during midday trading on Thursday, reaching $23.54. The company had a trading volume of 601,696 shares, compared to its average volume of 2,545,353. Macerich has a 1 year low of $15.48 and a 1 year high of $25.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The company has a market capitalization of $6.67 billion, a P/E ratio of -33.15, a PEG ratio of 1.60 and a beta of 2.10. The company has a 50 day moving average of $22.28 and a two-hundred day moving average of $20.01.

Macerich (NYSE:MAC) last issued 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 net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same quarter last year, the business posted $0.33 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Macerich will post 1.48 earnings per share for the current fiscal year.

Institutional Trading of Macerich

Several large investors have recently made changes to their positions in MAC. Royal Bank of Canada lifted its holdings in Macerich by 20.1% in the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the last quarter. AQR Capital Management LLC grew its holdings in Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after purchasing an additional 13,782 shares during the period. Millennium Management LLC raised its position in shares of Macerich by 376.2% in the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after purchasing an additional 716,394 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after buying an additional 2,983 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

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.