Macerich (NYSE:MAC) Price Target Raised to $27.00 at Scotiabank

Macerich (NYSE:MAC) had its price objective increased by research analysts at Scotiabank from $24.00 to $27.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would indicate a potential upside of 14.18% from the company’s current price.

Several other equities analysts have also recently weighed in on MAC. Weiss Ratings raised shares of Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Mizuho raised their price target on shares of Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Morgan Stanley raised their price target on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday. Wall Street Zen cut shares of Macerich from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Macerich from a “hold” rating to a “buy” rating and raised their price target for the company from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Macerich presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.15.

Macerich Stock Up 2.8%

Shares of MAC stock traded up $0.65 on Thursday, reaching $23.65. 1,054,792 shares of the company were exchanged, compared to its average volume of 2,552,016. Macerich has a one year low of $15.48 and a one year high of $25.72. The company has a market cap of $6.71 billion, a price-to-earnings ratio of -33.33, 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 200-day moving average of $20.01. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83.

Macerich (NYSE:MAC) last issued its quarterly earnings data 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. The firm had revenue of $241.54 million during the quarter, compared to analysts’ expectations of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. Analysts anticipate that Macerich will post 1.48 earnings per share for the current year.

Hedge Funds Weigh In On Macerich

Hedge funds have recently modified their holdings of the company. Centersquare Investment Management LLC lifted its position in shares of Macerich by 8.9% during the 3rd quarter. Centersquare Investment Management LLC now owns 2,546,325 shares of the real estate investment trust’s stock worth $46,343,000 after buying an additional 207,395 shares in the last quarter. DigitalBridge Group Inc. bought a new position in shares of Macerich during the 3rd quarter worth approximately $9,146,000. Triad Investment Management bought a new position in shares of Macerich during the 4th quarter worth approximately $3,820,000. American Century Companies Inc. lifted its position in shares of Macerich by 16.1% during the 3rd quarter. American Century Companies Inc. now owns 1,317,513 shares of the real estate investment trust’s stock worth $23,979,000 after buying an additional 182,291 shares in the last quarter. Finally, APG Asset Management US Inc. lifted its position in shares of Macerich by 29.7% during the 3rd quarter. APG Asset Management US Inc. now owns 1,351,135 shares of the real estate investment trust’s stock worth $24,320,000 after buying an additional 309,544 shares in 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.