Macerich (NYSE:MAC) Stock Price Expected to Rise, Scotiabank Analyst Says

Macerich (NYSE:MAC) had its target price hoisted by Scotiabank from $22.00 to $24.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price target indicates a potential upside of 10.61% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Evercore set a $22.00 price target on Macerich in a research note on Friday, May 8th. The Goldman Sachs Group raised their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a report on Friday. Citigroup boosted their target price on shares of Macerich from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Truist Financial increased their price target on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, KeyCorp set a $25.00 price objective on shares of Macerich and gave the company an “overweight” rating in a research note on Monday, February 23rd. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Macerich presently has a consensus rating of “Hold” and an average price target of $21.69.

Macerich Stock Down 0.8%

NYSE MAC opened at $21.70 on Tuesday. 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 has a market cap of $5.67 billion, a price-to-earnings ratio of -30.56, a PEG ratio of 1.47 and a beta of 2.12. The company has a 50 day moving average of $20.42 and a 200-day moving average of $19.08. Macerich has a 1-year low of $14.82 and a 1-year high of $22.56.

Macerich (NYSE:MAC) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, equities research analysts expect that Macerich will post 1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi boosted its position in Macerich by 17.2% in the first quarter. Amundi now owns 162,916 shares of the real estate investment trust’s stock valued at $3,079,000 after buying an additional 23,944 shares in the last quarter. Adelante Capital Management LLC acquired a new position in shares of Macerich during the first quarter worth $8,136,000. California State Teachers Retirement System lifted its stake in shares of Macerich by 26.6% in the 1st quarter. California State Teachers Retirement System now owns 307,320 shares of the real estate investment trust’s stock valued at $5,808,000 after acquiring an additional 64,481 shares during the last quarter. Resolution Capital Ltd increased its holdings in Macerich by 204.0% in the 1st quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock worth $82,861,000 after purchasing an additional 2,941,909 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in Macerich by 165.6% in the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after purchasing an additional 87,626 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Company Profile

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.