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

Macerich (NYSE:MAC) had its price target upped by stock analysts at Piper Sandler from $14.00 to $17.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Piper Sandler’s price objective points to a potential downside of 19.01% from the company’s previous close.

Several other research analysts have also weighed in on MAC. The Goldman Sachs Group lifted their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Evercore ISI upped their price objective on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Compass Point increased their price target on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.62.

Macerich Trading Down 1.7 %

MAC opened at $20.99 on Wednesday. The firm has a 50 day simple moving average of $19.45 and a 200 day simple moving average of $16.93. Macerich has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 53.82, a price-to-earnings-growth ratio of 0.77 and a beta of 2.51. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts anticipate that Macerich will post 1.56 earnings per share for the current year.

Hedge Funds Weigh In On Macerich

Several hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in Macerich by 12,475.9% in the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after purchasing an additional 11,679,276 shares in the last quarter. Bamco Inc. NY grew its stake in shares of Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock valued at $30,924,000 after buying an additional 1,494,145 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Macerich by 399.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock worth $28,206,000 after buying an additional 1,236,983 shares during the last quarter. Smead Capital Management Inc. raised its position in Macerich by 3.5% during the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after acquiring an additional 688,790 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in Macerich in the second quarter valued at $10,625,000. Institutional investors own 87.38% of the company’s stock.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.