Macerich (NYSE:MAC) Upgraded at Mizuho

Macerich (NYSE:MAC) was upgraded by analysts at Mizuho from an “underperform” rating to a “neutral” rating in a research note issued on Wednesday, MarketBeat reports. The brokerage currently has a $22.00 price target on the real estate investment trust’s stock, up from their previous price target of $14.00. Mizuho’s price target points to a potential upside of 4.27% from the company’s previous close.

A number of other analysts have also recently weighed in on MAC. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. The Goldman Sachs Group raised their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Piper Sandler raised their target price on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Evercore ISI raised their price objective on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Compass Point raised their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $17.29.

Macerich Stock Performance

Shares of MAC stock opened at $21.10 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a one year low of $11.94 and a one year high of $21.71. The company’s 50-day simple moving average is $18.92 and its 200-day simple moving average is $16.64. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 54.10, a PEG ratio of 0.72 and a beta of 2.51.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90). The business had revenue of $220.20 million for the quarter, compared to analyst estimates of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.44 EPS. Equities analysts anticipate that Macerich will post 1.58 earnings per share for the current fiscal year.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Geode Capital Management LLC boosted its position in shares of Macerich by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock valued at $99,004,000 after acquiring an additional 34,982 shares in the last quarter. Vestcor Inc lifted its holdings in Macerich by 91.4% during the 3rd quarter. Vestcor Inc now owns 193,777 shares of the real estate investment trust’s stock valued at $3,534,000 after purchasing an additional 92,551 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Macerich by 0.7% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 314,000 shares of the real estate investment trust’s stock valued at $5,727,000 after purchasing an additional 2,322 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Macerich by 0.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock valued at $5,029,000 after purchasing an additional 700 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Macerich during the 3rd quarter valued at about $1,131,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.