Macerich (NYSE:MAC) Price Target Cut to $20.00

Macerich (NYSE:MACGet Rating) had its target price reduced by investment analysts at Compass Point from $27.00 to $20.00 in a research note issued on Wednesday, The Fly reports. Compass Point’s price objective indicates a potential upside of 123.71% from the company’s current price.

MAC has been the topic of a number of other reports. The Goldman Sachs Group reduced their target price on shares of Macerich from $13.50 to $12.00 and set a “sell” rating on the stock in a research report on Friday, May 20th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Macerich from $27.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, March 31st. Wells Fargo & Company reduced their target price on shares of Macerich from $17.00 to $15.00 and set an “underweight” rating on the stock in a research report on Thursday, April 7th. Morgan Stanley cut their price objective on shares of Macerich from $14.75 to $14.00 and set an “underweight” rating on the stock in a report on Monday, March 7th. Finally, Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $18.00 to $14.00 in a report on Monday, April 18th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.64.

NYSE:MAC opened at $8.94 on Wednesday. The firm has a market cap of $1.92 billion, a PE ratio of 44.70, a price-to-earnings-growth ratio of 1.10 and a beta of 1.88. Macerich has a 12 month low of $8.69 and a 12 month high of $22.88. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 1.44. The company’s 50-day moving average price is $12.10 and its two-hundred day moving average price is $14.76.

Macerich (NYSE:MACGet Rating) last announced its earnings results on Monday, May 9th. The real estate investment trust reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.63). Macerich had a return on equity of 1.29% and a net margin of 4.66%. The company had revenue of $216.10 million for the quarter, compared to analyst estimates of $209.20 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. Macerich’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, research analysts expect that Macerich will post 1.96 EPS for the current fiscal year.

In other news, CEO Hern Thomas E. O bought 10,000 shares of the stock in a transaction on Thursday, March 24th. The stock was purchased at an average price of $14.62 per share, with a total value of $146,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hern Thomas E. O bought 25,000 shares of the stock in a transaction on Monday, June 13th. The stock was purchased at an average cost of $9.49 per share, with a total value of $237,250.00. Following the purchase, the chief executive officer now directly owns 162,880 shares of the company’s stock, valued at approximately $1,545,731.20. The disclosure for this purchase can be found here. Insiders acquired 87,100 shares of company stock valued at $977,840 in the last ninety days. Insiders own 1.77% of the company’s stock.

Several hedge funds have recently modified their holdings of MAC. EverSource Wealth Advisors LLC increased its position in shares of Macerich by 450.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,619 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 1,325 shares in the last quarter. Whittier Trust Co. increased its position in shares of Macerich by 201.1% during the first quarter. Whittier Trust Co. now owns 2,246 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,500 shares in the last quarter. West Bancorporation Inc. bought a new stake in shares of Macerich during the fourth quarter worth $40,000. Spire Wealth Management increased its position in shares of Macerich by 106.6% during the fourth quarter. Spire Wealth Management now owns 2,424 shares of the real estate investment trust’s stock worth $42,000 after acquiring an additional 1,251 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Macerich during the fourth quarter worth $53,000. 84.57% of the stock is owned by institutional investors.

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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