Macerich (NYSE:MAC) Price Target Cut to $27.00

Macerich (NYSE:MAC) had its price target decreased by equities researchers at SunTrust Banks from $30.00 to $27.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. SunTrust Banks’ price objective would indicate a potential upside of 3.65% from the company’s current price. SunTrust Banks also issued estimates for Macerich’s Q4 2019 earnings at $0.98 EPS, FY2019 earnings at $3.55 EPS, Q1 2020 earnings at $0.85 EPS, Q2 2020 earnings at $0.89 EPS, Q3 2020 earnings at $0.88 EPS, Q4 2020 earnings at $0.95 EPS, FY2022 earnings at $3.61 EPS and FY2023 earnings at $3.53 EPS.

Several other equities analysts have also issued reports on MAC. TheStreet upgraded Macerich from a “d+” rating to a “c” rating in a research note on Monday, December 9th. BMO Capital Markets lowered shares of Macerich from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $40.00 to $33.00 in a research report on Thursday, September 26th. Barclays set a $33.00 target price on shares of Macerich and gave the stock a “hold” rating in a report on Tuesday, September 10th. Morgan Stanley reduced their price target on shares of Macerich from $30.00 to $26.50 and set an “underweight” rating for the company in a research report on Tuesday, September 3rd. Finally, ValuEngine raised Macerich from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $38.96.

Macerich stock opened at $26.05 on Thursday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market cap of $3.76 billion, a PE ratio of 6.77, a price-to-earnings-growth ratio of 5.51 and a beta of 0.70. The stock has a 50-day moving average of $27.41 and a two-hundred day moving average of $30.79. Macerich has a one year low of $25.53 and a one year high of $48.63.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.02). Macerich had a return on equity of 2.69% and a net margin of 8.76%. The business had revenue of $214.30 million for the quarter, compared to analysts’ expectations of $216.69 million. During the same quarter in the previous year, the firm posted $0.52 EPS. Macerich’s revenue was down 4.5% on a year-over-year basis. As a group, sell-side analysts predict that Macerich will post 3.55 EPS for the current fiscal year.

In other news, Director Steve Hash acquired 10,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was acquired at an average price of $26.44 per share, with a total value of $264,400.00. Following the completion of the transaction, the director now owns 26,884 shares of the company’s stock, valued at approximately $710,812.96. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Christopher J. Zecchini sold 1,500 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $27.70, for a total transaction of $41,550.00. Following the sale, the chief accounting officer now owns 5,672 shares in the company, valued at approximately $157,114.40. The disclosure for this sale can be found here. 1.73% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. Cohen & Steers Inc. boosted its position in shares of Macerich by 105.1% in the 2nd quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock worth $443,035,000 after purchasing an additional 6,780,378 shares in the last quarter. Smead Capital Management Inc. bought a new position in shares of Macerich during the third quarter valued at $61,752,000. Daiwa Securities Group Inc. boosted its position in shares of Macerich by 20.7% during the third quarter. Daiwa Securities Group Inc. now owns 4,770,872 shares of the real estate investment trust’s stock valued at $150,712,000 after buying an additional 816,924 shares during the last quarter. Vanguard Group Inc. increased its holdings in Macerich by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock worth $688,368,000 after buying an additional 711,878 shares in the last quarter. Finally, Timbercreek Investment Management Inc. bought a new stake in Macerich in the 3rd quarter worth about $20,289,000.

About Macerich

Macerich, an S&P 500 company, 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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