JPMorgan Chase & Co. Upgrades Macerich (NYSE:MAC) to “Overweight”

by · The Markets Daily

Macerich (NYSE:MAC – Get Free Report) was upgraded by JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a $26.00 price objective on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 14.86% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Evercore upgraded shares of Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research report on Monday. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Truist Financial lifted their price target on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Compass Point restated a “neutral” rating and set a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.12.

Get Our Latest Research Report on MAC

Macerich Price Performance

Shares of NYSE MAC opened at $22.64 on Thursday. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of -34.82, a PEG ratio of 1.64 and a beta of 2.06. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The business has a 50-day moving average of $24.27 and a 200-day moving average of $22.84. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88.

Macerich (NYSE:MAC – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The company had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. During the same period in the prior year, the company earned $0.33 earnings per share. The firm’s revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts predict that Macerich will post 1.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. This represents a 76.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently modified their holdings of the business. Hantz Financial Services Inc. increased its holdings in Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 684 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Macerich during the 2nd quarter worth approximately $36,000. Global Retirement Partners LLC bought a new stake in shares of Macerich in the 2nd quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd purchased a new position in Macerich in the fourth quarter valued at approximately $49,000. Finally, Integrated Wealth Concepts LLC bought a new position in Macerich during the second quarter valued at $61,000. 87.38% of the stock is owned by institutional investors.

About Macerich

(Get Free Report)

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich’s properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company’s portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.

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