The Macerich Co. (MAC) Price Target Raised to $87.00 at Deutsche Bank AG
The Macerich Co. (NYSE:MAC) had its target price upped by Deutsche Bank AG from $84.00 to $87.00 in a report issued on Tuesday morning. Deutsche Bank AG currently has a hold rating on the real estate investment trust’s stock.
Other analysts have also issued research reports about the company. BTIG Research started coverage on The Macerich in a report on Thursday, August 25th. They issued a buy rating and a $97.00 price target for the company. Jefferies Group upped their target price on The Macerich from $86.00 to $88.00 and gave the stock a hold rating in a report on Wednesday, August 31st. Zacks Investment Research lowered The Macerich from a buy rating to a hold rating in a report on Friday, August 5th. Canaccord Genuity upped their target price on The Macerich from $80.00 to $84.00 and gave the stock a hold rating in a report on Tuesday, August 16th. Finally, JPMorgan Chase & Co. upped their target price on The Macerich from $83.00 to $87.00 and gave the stock a neutral rating in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The Macerich presently has a consensus rating of Hold and an average price target of $88.00.
The Macerich (NYSE:MAC) opened at 76.11 on Tuesday. The stock has a 50 day moving average price of $80.97 and a 200-day moving average price of $81.11. The Macerich has a 1-year low of $71.82 and a 1-year high of $94.51. The stock has a market capitalization of $10.93 billion, a P/E ratio of 12.79 and a beta of 0.90.
The Macerich (NYSE:MAC) last announced its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.04. The firm earned $259.90 million during the quarter, compared to analyst estimates of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The Macerich’s quarterly revenue was down 19.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 earnings per share. Equities research analysts expect that The Macerich will post $4.12 EPS for the current year.
In other news, EVP Robert D. Perlmutter sold 1,500 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $81.52, for a total transaction of $122,280.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Randy L. Brant sold 24,250 shares of the stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $83.10, for a total transaction of $2,015,175.00. The disclosure for this sale can be found here. Company insiders own 3.54% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Checchi Capital Advisers LLC raised its stake in The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $168,000 after buying an additional 82 shares during the last quarter. Advisors Asset Management Inc. raised its stake in The Macerich by 46.7% in the second quarter. Advisors Asset Management Inc. now owns 2,129 shares of the real estate investment trust’s stock valued at $182,000 after buying an additional 678 shares during the last quarter. MU Investments Co. Ltd. purchased a new stake in The Macerich during the second quarter valued at about $185,000. Ameritas Investment Partners Inc. purchased a new stake in The Macerich during the second quarter valued at about $203,000. Finally, Eii Capital Management Inc. raised its stake in The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $205,000 after buying an additional 1,400 shares during the last quarter. 94.66% of the stock is currently owned by institutional investors and hedge funds.
The Macerich Company Profile
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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