Macerich Company (The) (NYSE:MAC) Stock Has Average Price Target of $26.19 According to Brokerages

Macerich Company (The) (NYSE:MAC) has received an average rating of “Moderate Buy” from the sixteen research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $26.19.

MAC has been the topic of a number of research analyst reports. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Piper Sandler decreased their price target on shares of Macerich from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, October 12th. JPMorgan Chase & Co. upgraded shares of Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 price objective for the company in a research note on Thursday, September 24th. Evercore upgraded Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 price target on the stock in a research note on Monday, September 21st. Finally, Truist Financial initiated coverage on Macerich in a report on Friday, October 2nd. They issued a “buy” rating and a $26.00 price objective on the stock.

Macerich Stock Performance

Shares of Macerich stock opened at $24.30 on Wednesday. The company has a 50-day simple moving average of $23.14 and a two-hundred day simple moving average of $22.20. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. Macerich has a one year low of $16.03 and a one year high of $26.67. The company has a market capitalization of $6.89 billion, a PE ratio of -37.38, a P/E/G ratio of 1.75 and a beta of 2.10.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The firm had revenue of $249.71 million for 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 company’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.33 EPS. Research analysts expect that Macerich will post 1.49 EPS for the current fiscal year.

Insider Activity at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of the business’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares in the company, valued at approximately $19,718.16. The trade was a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.21% of the stock is owned by company insiders.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Macerich in the second quarter valued at approximately $1,378,836,000. Deutsche Bank AG purchased a new position in shares of Macerich during the second quarter worth $138,928,000. Bamco Inc. NY purchased a new position in shares of Macerich during the second quarter worth $125,944,000. Canada Pension Plan Investment Board acquired a new stake in shares of Macerich in the second quarter valued at $81,946,000. Finally, Resolution Capital Ltd grew its stake in shares of Macerich by 204.0% in the first quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock valued at $82,861,000 after buying an additional 2,941,909 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.