Macerich (NYSE:MAC) Upgraded by Scotiabank to “Sector Outperform” Rating

Macerich (NYSE:MAC) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued on Monday, Marketbeat Ratings reports. The firm currently has a $22.00 price objective on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential upside of 20.03% from the stock’s previous close.

Several other equities analysts have also commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 10th. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price target on shares of Macerich in a report on Monday, December 15th. The Goldman Sachs Group boosted their price objective on shares of Macerich from $15.00 to $17.00 and gave the company a “sell” rating in a research note on Monday, March 2nd. KeyCorp set a $25.00 price objective on Macerich and gave the stock an “overweight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.69.

Macerich Stock Down 0.0%

Shares of NYSE:MAC opened at $18.33 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.01. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of -23.80, a PEG ratio of 1.26 and a beta of 2.17. The stock’s 50-day moving average price is $19.06 and its two-hundred day moving average price is $18.21. Macerich has a 12-month low of $12.48 and a 12-month high of $20.93.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) 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 company had revenue of $261.70 million for the quarter, compared to analyst estimates of $260.48 million. During the same period in the prior year, the company earned $0.47 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. On average, research analysts forecast that Macerich will post 1.55 EPS for the current year.

Institutional Investors Weigh In On Macerich

Large investors have recently made changes to their positions in the business. HighTower Advisors LLC raised its stake in shares of Macerich by 1.2% in the 4th quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock valued at $851,000 after acquiring an additional 530 shares during the period. Farther Finance Advisors LLC boosted its position in Macerich by 76.8% during 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 period. PNC Financial Services Group Inc. increased its holdings in Macerich by 2.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 622 shares in the last quarter. Bessemer Group Inc. increased its holdings in Macerich by 1.7% in the 3rd quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock valued at $678,000 after purchasing an additional 627 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in Macerich by 5.5% in the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 637 shares during the period. Institutional investors and hedge funds 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.