The Goldman Sachs Group Issues Positive Forecast for Macerich (NYSE:MAC) Stock Price

Macerich (NYSE:MAC) had its price target raised by stock analysts at The Goldman Sachs Group from $15.00 to $17.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sell” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s price target would suggest a potential downside of 14.87% from the company’s previous close.

MAC has been the topic of a number of other research reports. Truist Financial raised their price target on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. KeyCorp set a $25.00 price objective on shares of Macerich and gave the company an “overweight” rating in a report on Monday, February 23rd. Mizuho set a $21.00 target price on shares of Macerich in a report on Friday, January 9th. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.46.

Macerich Stock Performance

Shares of MAC traded down $0.50 during midday trading on Monday, reaching $19.97. The stock had a trading volume of 632,796 shares, compared to its average volume of 2,057,093. The firm has a market cap of $5.13 billion, a PE ratio of -25.93, a P/E/G ratio of 1.40 and a beta of 2.17. The firm has a 50 day simple moving average of $18.87 and a 200-day simple moving average of $18.06. Macerich has a one year low of $12.48 and a one year high of $20.93. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.01.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.50). Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The firm had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Macerich will post 1.55 EPS for the current year.

Institutional Trading of Macerich

A number of hedge funds have recently added to or reduced their stakes in MAC. Invesco Ltd. grew its stake in shares of Macerich by 1.7% during the fourth quarter. Invesco Ltd. now owns 613,957 shares of the real estate investment trust’s stock worth $11,334,000 after buying an additional 10,287 shares during the last quarter. Corient Private Wealth LLC bought a new position in shares of Macerich in the 4th quarter valued at $215,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Macerich during the 4th quarter valued at $192,000. Empowered Funds LLC bought a new stake in Macerich during the 4th quarter worth $414,000. Finally, Wellington Management Group LLP increased its holdings in Macerich by 139.8% in the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock worth $67,855,000 after purchasing an additional 2,142,737 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.