Morgan Stanley Raises The Macerich (NYSE:MAC) Price Target to $13.00

The Macerich (NYSE:MAC) had its target price lifted by stock analysts at Morgan Stanley from $12.00 to $13.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage currently has an “underweight” rating on the real estate investment trust’s stock. Morgan Stanley’s price objective points to a potential downside of 25.03% from the company’s previous close. The analysts noted that the move was a valuation call.

MAC has been the subject of several other reports. Truist boosted their target price on shares of The Macerich from $14.00 to $15.00 in a research report on Monday, March 22nd. Zacks Investment Research upgraded shares of The Macerich from a “sell” rating to a “hold” rating and set a $19.00 price objective for the company in a research report on Wednesday. Truist Securities boosted their target price on shares of The Macerich from $14.00 to $15.00 in a report on Monday, March 22nd. Finally, Mizuho boosted their target price on shares of The Macerich from $8.50 to $12.50 in a report on Thursday, April 15th. Seven investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $11.86.

Shares of The Macerich stock opened at $17.34 on Friday. The Macerich has a twelve month low of $6.42 and a twelve month high of $25.99. The company has a quick ratio of 4.36, a current ratio of 4.36 and a debt-to-equity ratio of 2.01. The business has a 50-day simple moving average of $14.21. The firm has a market cap of $3.11 billion, a PE ratio of -9.03, a price-to-earnings-growth ratio of 6.28 and a beta of 2.03.

The Macerich (NYSE:MAC) last issued its earnings results on Tuesday, May 11th. The real estate investment trust reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.20). The firm had revenue of $190.40 million during the quarter, compared to analyst estimates of $185.08 million. The Macerich had a negative net margin of 40.20% and a negative return on equity of 11.74%. The Macerich’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 earnings per share. On average, equities analysts forecast that The Macerich will post 1.84 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in MAC. Pendal Group Limited purchased a new position in shares of The Macerich in the 1st quarter worth approximately $1,233,000. Principal Financial Group Inc. raised its holdings in The Macerich by 14.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,143,251 shares of the real estate investment trust’s stock valued at $13,376,000 after acquiring an additional 148,320 shares during the period. Virtu Financial LLC bought a new stake in The Macerich during the 1st quarter valued at $286,000. Squarepoint Ops LLC raised its holdings in The Macerich by 230.4% during the 1st quarter. Squarepoint Ops LLC now owns 331,500 shares of the real estate investment trust’s stock valued at $3,879,000 after acquiring an additional 231,168 shares during the period. Finally, Paloma Partners Management Co bought a new stake in The Macerich during the 1st quarter valued at $198,000. Institutional investors and hedge funds own 77.56% of the company’s stock.

About The Macerich

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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