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

Macerich (NYSE:MAC) had its target price boosted by analysts at Scotiabank from $24.00 to $27.00 in a report issued on Thursday,Benzinga reports. The firm 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 stock’s previous close.

A number of other research firms also recently weighed in on MAC. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, June 11th. Citigroup increased their price objective on Macerich from $21.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Wall Street Zen downgraded Macerich from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Evercore set a $22.00 price objective on Macerich in a report on Friday, May 8th. Finally, The Goldman Sachs Group increased their price target on Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a report on Friday, May 15th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.15.

Macerich Trading Up 2.8%

NYSE MAC traded up $0.65 on Thursday, reaching $23.65. The company had a trading volume of 1,054,792 shares, compared to its average volume of 2,552,016. The firm has a market cap of $6.71 billion, a price-to-earnings ratio of -33.33, a P/E/G ratio of 1.60 and a beta of 2.10. Macerich has a fifty-two week low of $15.48 and a fifty-two week high of $25.72. The business has a 50 day moving average of $22.28 and a two-hundred 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 posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.Macerich’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 earnings per share. Analysts forecast that Macerich will post 1.48 EPS for the current year.

Institutional Trading of Macerich

A number of large investors have recently bought and sold shares of the business. Fifth Third Bancorp grew its holdings in Macerich by 14.7% during the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 471 shares during the period. HighTower Advisors LLC boosted its position in shares of Macerich by 1.2% during the 4th quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock worth $851,000 after purchasing an additional 530 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of 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 in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Macerich by 2.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock worth $455,000 after purchasing an additional 622 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its position in shares of Macerich by 5.5% during the 4th quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock worth $224,000 after purchasing an additional 637 shares in 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.