JPMorgan Chase & Co. Boosts Macerich (NYSE:MAC) Price Target to $19.00

Macerich (NYSE:MAC) had its price target upped by JPMorgan Chase & Co. from $18.00 to $19.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.22% from the company’s current price.

A number of other research analysts have also recently weighed in on MAC. Scotiabank boosted their price objective on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Citigroup upped their price target on shares of Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 price objective on shares of Macerich in a research note on Monday, December 15th. Truist Financial boosted their target price on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Macerich currently has a consensus rating of “Hold” and an average price target of $20.46.

Macerich Trading Up 1.1%

NYSE MAC traded up $0.21 during trading hours on Tuesday, hitting $19.43. 1,465,826 shares of the company were exchanged, compared to its average volume of 2,066,466. Macerich has a 52 week low of $12.48 and a 52 week high of $20.93. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.01. The stock has a 50-day moving average price of $18.97 and a 200 day moving average price of $18.16. The stock has a market cap of $4.99 billion, a PE ratio of -25.24, a price-to-earnings-growth ratio of 1.29 and a beta of 2.17.

Macerich (NYSE:MAC) last posted its quarterly earnings data 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). The company had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. Macerich’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. Analysts forecast that Macerich will post 1.55 earnings per share for the current fiscal year.

Institutional Trading of Macerich

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Macerich by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock valued at $209,692,000 after buying an additional 4,868,844 shares during the period. Centersquare Investment Management LLC lifted its stake in Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after acquiring an additional 3,808,336 shares during the period. Norges Bank bought a new position in Macerich during the 4th quarter worth about $66,924,000. Wellington Management Group LLP grew its holdings in Macerich by 139.8% during 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 acquiring an additional 2,142,737 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Macerich by 435.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,724,727 shares of the real estate investment trust’s stock valued at $31,390,000 after purchasing an additional 1,402,627 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

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.