Macerich (NYSE:MAC) Now Covered by Analysts at BNP Paribas Exane

Analysts at BNP Paribas Exane began coverage on shares of Macerich (NYSE:MAC) in a research note issued on Friday, Briefing.com reports. The firm set an “outperform” rating and a $28.00 price target on the real estate investment trust’s stock. BNP Paribas Exane’s target price indicates a potential upside of 26.15% from the company’s previous close.

Other research analysts also recently issued reports about the company. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a report on Friday, June 26th. LADENBURG THALM/SH SH raised their price objective on Macerich from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Compass Point reiterated a “neutral” rating and issued a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. JPMorgan Chase & Co. upgraded shares of Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 target price for the company in a report on Thursday, September 24th. Finally, Citigroup increased their price target on shares of Macerich from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Macerich has a consensus rating of “Moderate Buy” and an average target price of $26.44.

Macerich Stock Performance

Shares of MAC stock opened at $22.20 on Friday. The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -34.15, a PEG ratio of 1.59 and a beta of 2.10. The company’s 50 day moving average is $23.58 and its 200 day moving average is $23.13. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich has a 52-week low of $16.03 and a 52-week high of $26.67.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The business had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the firm earned $0.33 EPS. On average, sell-side analysts anticipate that Macerich will post 1.49 EPS for the current fiscal year.

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total value of $63,787.20. Following the completion of the sale, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. This trade represents a 76.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in shares of Macerich during the second quarter worth $1,476,000. Quantinno Capital Management LP lifted its position in Macerich by 165.6% during the 1st quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock worth $2,656,000 after acquiring an additional 87,626 shares during the period. Wealth Science Advisors LLC purchased a new stake in Macerich during the 2nd quarter valued at about $1,051,000. Bank of New York Mellon Corp acquired a new position in shares of Macerich in the second quarter valued at about $59,962,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Macerich by 16,284.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust’s stock valued at $45,525,000 after purchasing an additional 1,796,223 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

About Macerich

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich’s properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.