Morgan Stanley Cuts The Macerich (NYSE:MAC) Price Target to $11.20

The Macerich (NYSE:MAC) had its price objective decreased by Morgan Stanley from $11.50 to $11.20 in a research note issued on Thursday, Stock Target Advisor reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target points to a potential downside of 9.02% from the company’s previous close.

MAC has been the topic of several other reports. Truist lifted their price objective on The Macerich from $14.00 to $15.00 in a research report on Monday, March 22nd. Zacks Investment Research cut The Macerich from a “hold” rating to a “sell” rating and set a $13.50 price objective on the stock. in a research report on Thursday, January 14th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut The Macerich from a “neutral” rating to a “sell” rating and upped their price objective for the company from $8.00 to $9.50 in a research report on Tuesday, December 15th. Truist Securities upped their price objective on The Macerich from $14.00 to $15.00 in a research report on Monday, March 22nd. Finally, Smith Barney Citigroup cut The Macerich from a “neutral” rating to a “sell” rating in a research report on Tuesday, December 15th. Nine investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The Macerich currently has a consensus rating of “Sell” and an average target price of $10.30.

NYSE:MAC traded down $0.07 during mid-day trading on Thursday, reaching $12.31. 102,746 shares of the company’s stock traded hands, compared to its average volume of 9,551,330. The Macerich has a 12-month low of $5.43 and a 12-month high of $25.99. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -136.10 and a beta of 2.07. The company has a debt-to-equity ratio of 2.21, a current ratio of 2.71 and a quick ratio of 2.71. The company has a 50 day moving average price of $12.85 and a 200-day moving average price of $10.93.

The Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, February 10th. The real estate investment trust reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.72). The Macerich had a negative net margin of 1.55% and a negative return on equity of 1.03%. As a group, analysts forecast that The Macerich will post 2.28 EPS for the current year.

In other The Macerich news, major shareholder Teachers Pension Plan Ontario sold 24,562,964 shares of the business’s stock in a transaction on Wednesday, January 27th. The shares were sold at an average price of $20.25, for a total transaction of $497,400,021.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.15% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of The Macerich by 16.2% in the 4th quarter. BlackRock Inc. now owns 21,011,260 shares of the real estate investment trust’s stock worth $224,190,000 after purchasing an additional 2,925,851 shares in the last quarter. FIL Ltd increased its stake in shares of The Macerich by 233.5% in the 4th quarter. FIL Ltd now owns 3,563,512 shares of the real estate investment trust’s stock worth $38,023,000 after purchasing an additional 2,494,978 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of The Macerich by 145.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,267,759 shares of the real estate investment trust’s stock worth $24,197,000 after purchasing an additional 1,342,537 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of The Macerich by 25.6% in the 4th quarter. Nuveen Asset Management LLC now owns 2,027,450 shares of the real estate investment trust’s stock worth $21,632,000 after purchasing an additional 413,161 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of The Macerich in the 4th quarter worth $20,847,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

The Macerich Company Profile

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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