Macerich (NYSE:MAC) Stock Rating Upgraded by JPMorgan Chase & Co.

Macerich (NYSE:MAC) was upgraded by equities research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research note issued on Wednesday, MarketBeat reports. The brokerage currently has a $25.00 price objective on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 5.34% from the company’s current price.

Several other analysts have also recently weighed in on MAC. Mizuho boosted their price objective on Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Evercore set a $22.00 price objective on Macerich in a report on Friday, May 8th. Scotiabank upped their price target on Macerich from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft raised Macerich from a “hold” rating to a “buy” rating and upped their price target for the company from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Finally, Citigroup upped their price target on Macerich from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday, May 13th. Eight investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.54.

Macerich Stock Performance

Shares of NYSE:MAC opened at $23.73 on Wednesday. The stock has a market capitalization of $6.20 billion, a P/E ratio of -33.43, a P/E/G ratio of 1.69 and a beta of 2.10. Macerich has a 1-year low of $15.48 and a 1-year high of $25.72. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The business has a 50-day moving average price of $22.22 and a two-hundred day moving average price of $19.97.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 6.95% and a negative net margin of 18.22%.The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. Equities analysts predict that Macerich will post 1.48 earnings per share for the current year.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp grew its position in shares of Macerich by 14.7% in the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 471 shares during the period. HighTower Advisors LLC increased its stake in 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 buying an additional 530 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 585 shares during the last quarter. PNC Financial Services Group Inc. increased its stake 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 buying an additional 622 shares during the last quarter. Finally, Osaic Holdings Inc. increased its stake in Macerich by 5.5% in the 4th quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after buying an additional 637 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.