The Goldman Sachs Group Boosts Macerich (NYSE:MAC) Price Target to $17.00

Macerich (NYSE:MAC) had its price objective boosted by investment analysts at The Goldman Sachs Group from $15.00 to $17.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “sell” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 14.53% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $21.00 target price on shares of Macerich in a report on Monday, December 15th. Scotiabank increased their price objective on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Citigroup raised their price target on Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Finally, KeyCorp set a $25.00 price objective on shares of Macerich and gave the company an “overweight” rating in a research report on Monday, February 23rd. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Macerich presently has an average rating of “Hold” and an average price target of $20.46.

Macerich Stock Performance

NYSE:MAC opened at $19.89 on Monday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $20.93. The firm has a market cap of $5.11 billion, a PE ratio of -25.83, a price-to-earnings-growth ratio of 1.37 and a beta of 2.17. The business has a 50 day moving average price of $18.92 and a 200-day moving average price of $18.10.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The firm had revenue of $261.70 million for the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. Equities research analysts predict that Macerich will post 1.55 earnings per share for the current year.

Institutional Investors Weigh In On Macerich

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock valued at $1,338,000 after purchasing an additional 13,018 shares in the last quarter. AQR Capital Management LLC increased its position in Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after buying an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Macerich by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after buying an additional 13,782 shares in the last quarter. Millennium Management LLC raised its stake in Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after buying an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after acquiring an additional 2,983 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

About Macerich

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.