Macerich (NYSE:MAC) Price Target Cut to $14.00 by Analysts at Mizuho

Macerich (NYSE:MAC) had its price objective decreased by equities research analysts at Mizuho from $17.00 to $14.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the real estate investment trust’s stock. Mizuho’s price target points to a potential downside of 2.06% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their price target on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Piper Sandler lowered Macerich from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $17.00 to $11.00 in a research note on Wednesday. Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and boosted their price target for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. StockNews.com cut Macerich from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Truist Financial reissued a “hold” rating and set a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Macerich has a consensus rating of “Hold” and an average price target of $14.83.

Macerich Stock Performance

Shares of MAC stock traded up $0.49 during trading on Wednesday, reaching $14.30. 2,275,431 shares of the company’s stock were exchanged, compared to its average volume of 1,988,657. Macerich has a twelve month low of $9.05 and a twelve month high of $17.69. The firm’s fifty day moving average price is $16.09 and its 200-day moving average price is $14.62. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $3.08 billion, a PE ratio of -9.16, a PEG ratio of 1.51 and a beta of 2.38.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the firm earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Macerich will post 1.8 EPS for the current year.

Insider Buying and Selling

In other news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Edward C. Coppola sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,964 shares of company stock worth $2,940,030. Company insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently made changes to their positions in MAC. International Assets Investment Management LLC lifted its stake in Macerich by 1,460.3% in the 4th quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock valued at $5,007,000 after purchasing an additional 303,704 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Macerich by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock worth $48,973,000 after purchasing an additional 31,445 shares in the last quarter. Barclays PLC raised its position in Macerich by 91.0% in the third quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock valued at $2,421,000 after purchasing an additional 105,663 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Macerich by 15.3% during the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock valued at $6,323,000 after purchasing an additional 76,888 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of Macerich by 13.2% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 69,900 shares of the real estate investment trust’s stock worth $763,000 after purchasing an additional 8,145 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

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.