Macerich (NYSE:MAC) Stock Price Expected to Rise, Scotiabank Analyst Says

Macerich (NYSE:MAC) had its price objective raised by stock analysts at Scotiabank from $18.00 to $19.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective suggests a potential upside of 9.92% from the stock’s current price.

Other analysts have also issued research reports about the company. Evercore ISI increased their price target on Macerich from $18.00 to $20.00 and gave the company an “in-line” rating in a report on Monday, September 15th. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a report on Friday, July 18th. They issued a “buy” rating and a $25.00 price target for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research report on Wednesday, October 8th. Wall Street Zen cut Macerich from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Finally, Bank of America raised shares of Macerich from a “neutral” rating to a “buy” rating and raised their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 26th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Macerich presently has a consensus rating of “Hold” and an average price target of $19.95.

Macerich Stock Down 1.5%

Shares of Macerich stock traded down $0.26 during trading on Thursday, hitting $17.29. The company’s stock had a trading volume of 531,774 shares, compared to its average volume of 1,985,856. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a market capitalization of $4.43 billion, a PE ratio of -9.88, a P/E/G ratio of 2.96 and a beta of 2.25. The company has a fifty day simple moving average of $17.61 and a two-hundred day simple moving average of $16.84. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analysts’ expectations of $246.77 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.Macerich’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 earnings per share. Equities research analysts predict that Macerich will post 1.55 earnings per share for the current year.

Institutional Trading of Macerich

Several large investors have recently added to or reduced their stakes in MAC. Bessemer Group Inc. grew its stake in shares of Macerich by 1.7% in the third quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock worth $678,000 after purchasing an additional 627 shares in the last quarter. GAMMA Investing LLC boosted its stake in Macerich by 14.8% during the third quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 691 shares in the last quarter. Amalgamated Bank lifted its holdings in Macerich by 1.0% in the 3rd quarter. Amalgamated Bank now owns 72,575 shares of the real estate investment trust’s stock valued at $1,321,000 after acquiring an additional 741 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Macerich by 0.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 124,535 shares of the real estate investment trust’s stock worth $2,267,000 after purchasing an additional 787 shares during the last quarter. Finally, AQR Capital Management LLC boosted 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 worth $640,000 after buying an additional 813 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.