Macerich (NYSE:MAC) Raised to Neutral at Mizuho

Macerich (NYSE:MAC) was upgraded by analysts at Mizuho from an “underperform” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage currently has a $22.00 target price on the real estate investment trust’s stock, up from their prior target price of $14.00. Mizuho’s price target would indicate a potential upside of 0.59% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Evercore ISI lifted their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Compass Point increased their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Piper Sandler boosted their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. Finally, Bank of America increased their price objective on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $17.29.

Macerich Stock Performance

NYSE MAC opened at $21.87 on Wednesday. The firm has a market cap of $5.44 billion, a P/E ratio of 56.08, a price-to-earnings-growth ratio of 0.72 and a beta of 2.51. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The company’s 50 day moving average is $19.08 and its 200-day moving average is $16.71. Macerich has a 12-month low of $12.62 and a 12-month high of $21.99.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. During the same period in the previous year, the firm earned $0.44 EPS. The company’s revenue was up .9% compared to the same quarter last year. Sell-side analysts predict that Macerich will post 1.58 earnings per share for the current year.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently modified their holdings of MAC. Smead Capital Management Inc. grew its position in Macerich by 3.5% during the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after acquiring an additional 688,790 shares during the last quarter. FMR LLC boosted its stake in shares of Macerich by 12,475.9% in the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after purchasing an additional 11,679,276 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Macerich by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock valued at $99,004,000 after purchasing an additional 34,982 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Macerich by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,801,369 shares of the real estate investment trust’s stock worth $87,577,000 after purchasing an additional 113,128 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Macerich by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock worth $49,675,000 after purchasing an additional 126,192 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Company Profile

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.