JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Macerich (NYSE:MAC) Stock

Macerich (NYSE:MAC) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $18.00 to $19.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 2.22% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Citigroup lifted their price target on shares of Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. KeyCorp set a $25.00 target price on shares of Macerich and gave the stock an “overweight” rating in a report on Monday, February 23rd. Scotiabank increased their price target on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Truist Financial upped their price objective on Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, Mizuho set a $21.00 target price on Macerich in a research report on Friday, January 9th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Macerich currently has a consensus rating of “Hold” and an average target price of $20.46.

Macerich Stock Performance

MAC stock traded up $0.21 during midday trading on Tuesday, reaching $19.43. 1,465,826 shares of the company’s stock traded hands, compared to its average volume of 2,066,466. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.01. Macerich has a 52-week low of $12.48 and a 52-week high of $20.93. The stock has a market cap of $4.99 billion, a P/E ratio of -25.24, a PEG ratio of 1.29 and a beta of 2.17. The stock’s 50-day moving average is $18.97 and its 200 day moving average is $18.16.

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 analysts’ consensus estimates of $0.43 by ($0.50). Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The business had revenue of $261.70 million for the quarter, compared to the consensus estimate of $260.48 million. During the same period in the previous year, the firm earned $0.47 EPS. The company’s revenue was down 4.4% on a year-over-year basis. As a group, analysts anticipate that Macerich will post 1.55 EPS for the current year.

Institutional Investors Weigh In On Macerich

Several large investors have recently made changes to their positions in the company. Corient Private Wealth LLC bought a new position in Macerich during the fourth quarter valued at approximately $215,000. Hsbc Holdings PLC raised its holdings in shares of Macerich by 19.6% during the 4th quarter. Hsbc Holdings PLC now owns 853,351 shares of the real estate investment trust’s stock worth $15,751,000 after acquiring an additional 140,121 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Macerich during the 4th quarter valued at approximately $49,000. Invesco Ltd. grew 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 in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Macerich in the fourth quarter worth $192,000. 87.38% of the stock is owned by institutional investors.

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.