Zacks Investment Research downgraded shares of Macerich (NYSE:MAC) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

According to Zacks, “Shares of Macerich have underperformed the industry in the past six months. Moreover, the stock has seen the Zacks Consensus Estimate for full-year 2017 and 2018 funds from operations (FFO) per share being revised downward in a month’s time. Notably, dwindling footfall amid shift of consumers toward online channels, store closures and bankruptcy of retailers are anticipated to adversely affect the company’s performance in the near term. While Macerich is striving to counter the pressure through efforts to support omni-channel retailing and portfolio revamp, the implementation of such measures requires a decent upfront cost and therefore, would limit any robust growth in its profit margins in the near term. Further, interest rate hikes and portfolio concentration remain concerns for the company.”

Other equities research analysts also recently issued reports about the company. KeyCorp reiterated a buy rating and set a $75.00 target price on shares of Macerich in a report on Thursday, September 28th. Royal Bank of Canada restated a buy rating and set a $66.00 price objective on shares of Macerich in a report on Thursday, November 2nd. Boenning Scattergood set a $75.00 price objective on Macerich and gave the stock a buy rating in a report on Wednesday, November 1st. BMO Capital Markets set a $55.00 price objective on Macerich and gave the stock a hold rating in a report on Monday, October 30th. Finally, Mizuho restated a hold rating and set a $60.00 price objective on shares of Macerich in a report on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $66.85.

Shares of Macerich (MAC) traded down $0.12 during trading hours on Monday, hitting $62.90. The company had a trading volume of 910,500 shares, compared to its average volume of 1,579,417. The stock has a market cap of $8,871.51, a P/E ratio of 59.91, a P/E/G ratio of 2.94 and a beta of 0.88. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.25. Macerich has a 1-year low of $52.12 and a 1-year high of $70.70.

Macerich (NYSE:MAC) last announced its earnings results on Monday, October 30th. The real estate investment trust reported $0.12 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.86). The company had revenue of $242.50 million for the quarter, compared to analysts’ expectations of $226.00 million. Macerich had a net margin of 14.92% and a return on equity of 3.56%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 earnings per share. equities research analysts expect that Macerich will post 3.94 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. grew its position in shares of Macerich by 7.9% in the 2nd quarter. Pacer Advisors Inc. now owns 2,774 shares of the real estate investment trust’s stock worth $161,000 after acquiring an additional 203 shares in the last quarter. Sun Life Financial INC grew its position in shares of Macerich by 1,864.0% in the 2nd quarter. Sun Life Financial INC now owns 3,928 shares of the real estate investment trust’s stock worth $228,000 after acquiring an additional 3,728 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Macerich in the 3rd quarter worth approximately $216,000. Riverhead Capital Management LLC grew its position in shares of Macerich by 11.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,111 shares of the real estate investment trust’s stock worth $239,000 after acquiring an additional 435 shares in the last quarter. Finally, Amica Pension Fund Board of Trustees acquired a new position in shares of Macerich in the 3rd quarter worth approximately $229,000. Institutional investors own 97.57% of the company’s stock.

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Macerich Company Profile

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.

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