Macerich (NYSE:MAC) Price Target Raised to $17.00

Macerich (NYSE:MAC) had its price objective upped by research analysts at The Goldman Sachs Group from $15.00 to $17.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sell” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 14.87% from the company’s current price.

MAC has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note 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 reaffirmed a “buy” rating and issued a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. Citigroup upped their target price on shares of Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, Scotiabank boosted their target price on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 13th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Macerich has a consensus rating of “Hold” and an average target price of $20.46.

Macerich Price Performance

NYSE:MAC traded down $0.50 during trading hours on Monday, reaching $19.97. The company had a trading volume of 632,796 shares, compared to its average volume of 2,057,093. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.01. The stock has a 50-day moving average of $18.87 and a two-hundred day moving average of $18.06. Macerich has a one year low of $12.48 and a one year high of $20.93. The firm has a market capitalization of $5.13 billion, a PE ratio of -25.93, a PEG ratio of 1.40 and a beta of 2.17.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) 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 for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 EPS. Analysts forecast that Macerich will post 1.55 earnings per share for the current year.

Institutional Investors Weigh In On Macerich

Several institutional investors have recently bought and sold shares of MAC. Invesco Ltd. raised its holdings in shares of Macerich by 1.7% in the fourth quarter. Invesco Ltd. now owns 613,957 shares of the real estate investment trust’s stock valued at $11,334,000 after purchasing an additional 10,287 shares during the last quarter. Corient Private Wealth LLC bought a new stake in Macerich during the 4th quarter worth about $215,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Macerich during the 4th quarter worth about $192,000. Empowered Funds LLC bought a new position in shares of Macerich in the 4th quarter valued at about $414,000. Finally, Wellington Management Group LLP increased its position in shares of Macerich by 139.8% in the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after acquiring an additional 2,142,737 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

About Macerich

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.