Macerich (NYSE:MAC) Stock Rating Lowered by Compass Point

Macerich (NYSE:MAC) was downgraded by research analysts at Compass Point from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday,Zacks.com reports.

MAC has been the subject of several other reports. Truist Financial upped their price target on shares of Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley raised their price objective on Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, June 18th. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Scotiabank upped their target price on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 18th. Finally, LADENBURG THALM/SH SH increased their target price on Macerich from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Macerich currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Macerich Trading Up 1.3%

MAC opened at $25.81 on Friday. The company has a market cap of $7.32 billion, a P/E ratio of -36.35, a PEG ratio of 1.71 and a beta of 2.10. 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’s 50 day moving average is $22.78 and its 200-day moving average is $20.35. Macerich has a 1-year low of $15.88 and a 1-year high of $25.97.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to analysts’ expectations of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 EPS. Equities research analysts predict that Macerich will post 1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Macerich

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its position in Macerich by 117.7% during the 1st quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust’s stock worth $42,345,000 after purchasing an additional 1,211,091 shares during the last quarter. Kentucky Retirement Systems acquired a new stake in shares of Macerich in the first quarter valued at about $219,000. Amundi raised its position in shares of Macerich by 17.2% during the first quarter. Amundi now owns 162,916 shares of the real estate investment trust’s stock worth $3,079,000 after acquiring an additional 23,944 shares during the last quarter. Adelante Capital Management LLC bought a new position in shares of Macerich during the first quarter worth about $8,136,000. Finally, California State Teachers Retirement System lifted its stake in shares of Macerich by 26.6% in the first quarter. California State Teachers Retirement System now owns 307,320 shares of the real estate investment trust’s stock worth $5,808,000 after acquiring an additional 64,481 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

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.