Macerich (NYSE:MAC) Given New $24.00 Price Target at Mizuho

Macerich (NYSE:MAC) had its price target boosted by research analysts at Mizuho from $23.00 to $24.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Mizuho’s price target would suggest a potential upside of 9.45% from the company’s previous close.

Several other research analysts have also commented on the stock. Morgan Stanley set a $20.00 price target on shares of Macerich in a report on Tuesday, April 14th. JPMorgan Chase & Co. increased their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 10th. The Goldman Sachs Group restated a “sell” rating and set a $19.00 target price on shares of Macerich in a report on Friday. Wall Street Zen upgraded Macerich from a “strong sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Citigroup boosted their price objective on Macerich from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.54.

Macerich Trading Down 1.8%

Shares of MAC opened at $21.93 on Friday. Macerich has a twelve month low of $14.82 and a twelve month high of $22.56. The firm has a market capitalization of $5.73 billion, a P/E ratio of -30.88, a price-to-earnings-growth ratio of 1.49 and a beta of 2.12. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The stock’s fifty day simple moving average is $20.35 and its 200 day simple moving average is $19.02.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. On average, equities research analysts forecast that Macerich will post 1.46 earnings per share for the current year.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently made changes to their positions in MAC. Royal Bank of Canada boosted its position in Macerich by 20.1% during the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock valued at $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC increased its position in Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after buying an additional 13,782 shares during the last quarter. Millennium Management LLC lifted its stake in Macerich by 376.2% in the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after buying an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of Macerich by 12.8% during the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 2,983 shares during the period. 87.38% of the stock is owned by institutional investors.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.