Macerich (NYSE:MAC) Given New $24.00 Price Target at Mizuho

Macerich (NYSE:MAC) had its price objective upped by Mizuho from $23.00 to $24.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 9.45% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Scotiabank upgraded shares of Macerich from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $19.00 to $22.00 in a research report on Monday, March 30th. Wall Street Zen upgraded Macerich from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 9th. Truist Financial lifted their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. JPMorgan Chase & Co. boosted their price objective on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Tuesday, March 10th. Finally, Weiss Ratings raised Macerich from a “sell (d)” rating to a “hold (c-)” rating in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $21.54.

Macerich Trading Down 1.8%

NYSE MAC opened at $21.93 on Friday. 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 company has a fifty day simple moving average of $20.35 and a two-hundred day simple moving average of $19.02. The stock has a market cap of $5.73 billion, a P/E ratio of -30.88, a P/E/G ratio of 1.49 and a beta of 2.12. Macerich has a 12-month low of $14.82 and a 12-month high of $22.56.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The company had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same period in the previous year, the business earned $0.33 EPS. Macerich’s quarterly revenue was down 3.1% on a year-over-year basis. On average, analysts forecast that Macerich will post 1.46 earnings per share for the current year.

Institutional Trading of Macerich

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in Macerich by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock worth $209,692,000 after acquiring an additional 4,868,844 shares in the last quarter. Centersquare Investment Management LLC grew its stake in Macerich by 149.6% during the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Norges Bank acquired a new position in Macerich during the fourth quarter worth approximately $66,924,000. Wellington Management Group LLP lifted its stake in Macerich by 139.8% in the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after buying an additional 2,142,737 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Macerich by 435.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,724,727 shares of the real estate investment trust’s stock valued at $31,390,000 after acquiring an additional 1,402,627 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

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.