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


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The Macerich (NYSE:MAC) had its price target reduced by analysts at Morgan Stanley from $11.50 to $11.20 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price target indicates a potential downside of 9.02% from the company’s current price.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of The Macerich from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $8.00 to $12.00 in a report on Thursday, December 10th. JPMorgan Chase & Co. downgraded shares of The Macerich from a “neutral” rating to an “underweight” rating and set a $12.00 target price for the company. in a research note on Monday, December 21st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell downgraded shares of The Macerich from a “neutral” rating to a “sell” rating and raised their target price for the company from $8.00 to $9.50 in a research note on Tuesday, December 15th. Truist Securities raised their target price on shares of The Macerich from $14.00 to $15.00 in a research note on Monday, March 22nd. Finally, KeyCorp upgraded shares of The Macerich from an “underweight” rating to a “sector weight” rating in a research note on Monday, December 14th. Nine research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The Macerich presently has a consensus rating of “Sell” and a consensus target price of $10.30.

MAC stock traded down $0.07 during trading on Thursday, hitting $12.31. 102,746 shares of the company’s stock traded hands, compared to its average volume of 9,551,330. The firm has a market capitalization of $1.91 billion, a P/E ratio of -136.10 and a beta of 2.07. The business has a fifty day simple moving average of $12.85 and a two-hundred day simple moving average of $10.93. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 2.21. The Macerich has a 1 year low of $5.43 and a 1 year high of $25.99.

The Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, February 10th. The real estate investment trust reported ($0.18) earnings per share (EPS) 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%. On average, equities research analysts predict that The Macerich will post 2.28 EPS for the current fiscal year.

In related 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.15% of the company’s stock.

Several institutional investors have recently modified their holdings of MAC. BlackRock Inc. raised its position in shares of The Macerich by 16.2% in the fourth quarter. BlackRock Inc. now owns 21,011,260 shares of the real estate investment trust’s stock worth $224,190,000 after acquiring an additional 2,925,851 shares during the period. FIL Ltd raised its position in shares of The Macerich by 233.5% in the fourth quarter. FIL Ltd now owns 3,563,512 shares of the real estate investment trust’s stock worth $38,023,000 after acquiring an additional 2,494,978 shares during the period. Norges Bank acquired a new position in shares of The Macerich in the fourth quarter worth about $20,847,000. JPMorgan Chase & Co. raised its position in shares of The Macerich by 145.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,267,759 shares of the real estate investment trust’s stock worth $24,197,000 after acquiring an additional 1,342,537 shares during the period. Finally, Kennedy Capital Management Inc. raised its position in shares of The Macerich by 155.8% in the fourth quarter. Kennedy Capital Management Inc. now owns 1,255,160 shares of the real estate investment trust’s stock worth $13,393,000 after acquiring an additional 764,420 shares during the period. Institutional investors and hedge funds 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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Analyst Recommendations for The Macerich (NYSE:MAC)

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