Macerich (NYSE:MAC) Price Target Cut to $34.00

Macerich (NYSE:MAC) had its price objective trimmed by Citigroup from $46.00 to $34.00 in a research report sent to investors on Friday, June 28th, Stock Target Advisor reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Separately, Morgan Stanley reaffirmed an overweight rating on shares of in a research report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. Macerich presently has a consensus rating of Hold and a consensus target price of $59.33.

NYSE MAC traded down $0.69 during trading on Friday, reaching $32.26. 2,140,449 shares of the company’s stock were exchanged, compared to its average volume of 1,692,263. The firm’s 50 day simple moving average is $34.22. The firm has a market capitalization of $4.65 billion, a PE ratio of 8.38, a P/E/G ratio of 4.85 and a beta of 0.73. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66. Macerich has a fifty-two week low of $31.72 and a fifty-two week high of $60.95.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.76). Macerich had a return on equity of 3.75% and a net margin of 10.67%. The business had revenue of $216.34 million for the quarter, compared to analyst estimates of $206.88 million. During the same period last year, the firm earned $0.82 EPS. Macerich’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, analysts forecast that Macerich will post 3.56 earnings per share for the current year.

In other news, CEO Hern Thomas E. O purchased 5,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $39.69 per share, for a total transaction of $198,450.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Edward C. Coppola purchased 3,500 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was purchased at an average price of $33.34 per share, with a total value of $116,690.00. Following the completion of the purchase, the president now directly owns 279,808 shares in the company, valued at approximately $9,328,798.72. The disclosure for this purchase can be found here. Insiders have acquired 79,000 shares of company stock valued at $2,845,735 over the last 90 days. Corporate insiders own 1.73% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Cornerstone Advisors Inc. raised its position in Macerich by 183.9% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 708 shares during the last quarter. Liberty Wealth Management LLC bought a new position in Macerich during the 4th quarter worth $39,000. Bessemer Group Inc. raised its position in Macerich by 1,253.3% during the 2nd quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,128 shares during the last quarter. CSat Investment Advisory L.P. raised its position in Macerich by 63.1% during the 4th quarter. CSat Investment Advisory L.P. now owns 1,024 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 396 shares during the last quarter. Finally, Pearl River Capital LLC bought a new position in Macerich during the 1st quarter worth $62,000. Institutional investors own 97.60% of the company’s stock.

Macerich Company Profile

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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Analyst Recommendations for Macerich (NYSE:MAC)

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