Macerich (NYSE:MAC – Get Rating) was upgraded from a “sell” rating to a “hold” rating by investment analysts at StockNews.com in a research report published Tuesday.
A number of other research firms also recently commented on MAC. Jefferies Financial Group lowered its price target on Macerich shares to $9.00 from $15.00 and gave the stock a “hold” rating in a report on Thursday, June. Deutsche Bank Aktiengesellschaft lowered its price target on Macerich shares to $17.00 from $23.00 in a report on Monday, July 18. Wells Fargo & Company lowered its price target on Macerich shares from $18.00 to $14.00 in a report on Thursday, June 7th. Truist Financial lowered its price target on Macerich shares in a report on Tuesday, June 21, with ” Hold” rated. Finally, Compass Point lowered its price target on Macerich shares to $20.00 from $27.00 and gave the stock a “buy” rating in a report on Wednesday, June. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Macerich currently has a consensus rating of Hold and an average target price of $15.95.
Macerich shares up 0.9%
Macerich shares opened at $10.29 on Tuesday. The company has a market cap of $2.21 billion, a P/E of 51.45, a P/E of 1.25, and a beta of 1.94. The company’s 50-day simple moving average is $10.21 and its 200-day simple moving average is $13.40. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 1.44. Macerich has a 1-year low of $8.42 and a 1-year high of $22.88.
Macerich (NYSE:MAC – Get Rating) last released its quarterly earnings results on Monday, May 9th. The Real Estate Investment Trust reported ($0.17) earnings per share for the quarter, missing analyst consensus estimates of $0.46 ($0.63). The company had revenue of $216.10 million for the quarter compared to the consensus estimate of $209.20 million. Macerich had a net margin of 4.66% and a return on equity of 1.29%. The company’s revenue for the quarter increased 13.5% compared to the same quarter last year. In the same quarter last year, the company posted $0.45 per share. Sell-side analysts are forecasting that Macerich will report earnings per share of 1.96 for the current fiscal year.
In other news from Macerich, CEO Hern Thomas EO bought 25,000 shares of the company in a transaction on Monday June 13th. The shares were acquired at an average price of $9.49 per share for a total transaction of $237,250.00. Following the transaction, the Chief Executive Officer now owns 162,880 shares of the Company, valued at $1,545,731.20. The acquisition was announced in a legal filing with the Securities & Exchange Commission available at this hyperlink. Also, CEO Hern Thomas EO acquired 25,000 Macerich shares in a transaction on Monday, June 13th. The shares were purchased at an average price of $9.49 per share for a total transaction of $237,250.00. Upon completion of the transaction, the Chief Executive Officer now directly owns 162,880 shares of the Company, valued at $1,545,731.20. The purchase was disclosed in a document filed with the SEC, available at this hyperlink. In addition, President Edward C. Coppola acquired 40,000 Macerich shares in a transaction on Friday, June 10. The stock was purchased at an average price of $10.28 per share for a total transaction of $411,200.00. Upon completion of the transaction, the President now owns 515,739 shares of the Company, valued at $5,301,796.92. The disclosure for this purchase can be found here. Over the past three months, insiders have purchased 125,000 shares of the company’s stock, valued at $1,173,450. Company insiders own 1.77% of the company’s shares.
Hedge funds are grappling with Macerich
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its position in Macerich stock by 1,536.8% during the first quarter. Prudential Financial Inc. now owns 4,783,022 shares of the Real Estate Investment Trust worth $74,806,000 after purchasing an additional 4,490,809 shares last quarter. Epoch Investment Partners Inc. acquired a new position in Macerich stock valued at approximately $51,220,000 during the fourth quarter. Bank of Montreal Can increased its position in shares of Macerich by 2,715.9% in the fourth quarter. Bank of Montreal Can now owns 1,881,497 shares of Real Estate Investment Trust worth $33,002,000 after purchasing an additional 1,814,679 shares last quarter. JPMorgan Chase & Co. increased its position in Macerich shares by 20.8% in the first quarter. JPMorgan Chase & Co. now owns 10,020,806 shares of the Real Estate Investment Trust valued at $156,724,000 after purchasing an additional 1,727,483 shares last quarter. Finally, Smead Capital Management Inc. increased its position in Macerich shares by 19.1% in the fourth quarter. Smead Capital Management Inc. now owns 9,986,613 shares of the Real Estate Investment Trust worth $172,569,000 after purchasing an additional 1,603,435 shares last quarter. 84.57% of the shares are currently owned by institutional investors and hedge funds.
Macerich company profile
Macerich is a fully integrated, self-managed and self-managed real estate investment trust focused on acquiring, leasing, managing, developing and redeveloping regional shopping centers throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional malls.
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