Piper Sandler Lowers Macerich (NYSE:MAC) to Underweight

Macerich (NYSE:MACGet Rating) was downgraded by Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued on Monday, The Fly reports.

A number of other equities analysts also recently commented on MAC. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a research report on Saturday, March 26th. Deutsche Bank Aktiengesellschaft lowered their price objective on Macerich from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, March 31st. Wells Fargo & Company lowered their price objective on Macerich from $17.00 to $15.00 and set an “underweight” rating for the company in a research report on Thursday, April 7th. TheStreet downgraded Macerich from a “c” rating to a “d+” rating in a research report on Thursday, February 10th. Finally, Morgan Stanley decreased their target price on Macerich from $14.75 to $14.00 and set an “underweight” rating for the company in a research note on Monday, March 7th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Macerich has an average rating of “Hold” and a consensus target price of $20.70.

Shares of NYSE:MAC opened at $14.24 on Monday. The business has a 50-day moving average price of $15.08 and a 200 day moving average price of $17.16. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of -474.51, a PEG ratio of 1.71 and a beta of 1.88. Macerich has a 12-month low of $11.96 and a 12-month high of $22.88.

Macerich (NYSE:MACGet Rating) last released its earnings results on Thursday, February 10th. The real estate investment trust reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The firm had revenue of $229.40 million during the quarter, compared to analyst estimates of $205.68 million. Macerich had a net margin of 1.68% and a return on equity of 0.46%. The business’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, equities research analysts predict that Macerich will post 1.96 earnings per share for the current fiscal year.

In related news, President Edward C. Coppola acquired 2,100 shares of Macerich stock in a transaction dated Thursday, March 31st. The shares were acquired at an average cost of $15.90 per share, for a total transaction of $33,390.00. Following the completion of the transaction, the president now directly owns 475,739 shares of the company’s stock, valued at $7,564,250.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hern Thomas E. O acquired 10,000 shares of Macerich stock in a transaction dated Thursday, March 24th. The stock was bought at an average price of $14.62 per share, for a total transaction of $146,200.00. The disclosure for this purchase can be found here. Insiders have purchased 22,100 shares of company stock worth $329,390 in the last ninety days. 1.94% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. West Bancorporation Inc. purchased a new stake in shares of Macerich in the fourth quarter valued at $40,000. Spire Wealth Management lifted its position in shares of Macerich by 106.6% in the fourth quarter. Spire Wealth Management now owns 2,424 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 1,251 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Macerich during the fourth quarter worth about $53,000. Compagnie Lombard Odier SCmA lifted its position in Macerich by 546.2% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 4,200 shares of the real estate investment trust’s stock worth $72,000 after buying an additional 3,550 shares during the period. Finally, IFP Advisors Inc lifted its position in Macerich by 32.5% during the fourth quarter. IFP Advisors Inc now owns 4,408 shares of the real estate investment trust’s stock worth $76,000 after buying an additional 1,080 shares during the period. Institutional investors and hedge funds own 80.23% of the company’s stock.

About Macerich (Get Rating)

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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