Macerich (NYSE:MAC) Raised to "Buy" at Jefferies Financial Group

Macerich (NYSE:MAC - Get Free Report) was upgraded by research analysts at Jefferies Financial Group from a "hold" rating to a "buy" rating in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a $23.00 price target on the real estate investment trust's stock, up from their prior price target of $19.00. Jefferies Financial Group's price target points to a potential upside of 13.64% from the company's previous close.

MAC has been the subject of a number of other reports. StockNews.com downgraded Macerich from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a research note on Thursday, September 19th. Mizuho raised Macerich from an "underperform" rating to a "neutral" rating and upped their target price for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. Piper Sandler raised their price target on shares of Macerich from $14.00 to $17.00 and gave the stock an "underweight" rating in a research note on Wednesday, December 11th. Finally, Bank of America boosted their price target on Macerich from $17.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, October 11th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $19.24.

Macerich Price Performance

MAC stock traded up $0.32 during midday trading on Thursday, hitting $20.24. The company's stock had a trading volume of 1,365,931 shares, compared to its average volume of 1,880,307. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27. The company has a 50 day moving average of $20.06 and a two-hundred day moving average of $17.48. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of 51.90, a price-to-earnings-growth ratio of 0.75 and a beta of 2.51.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results 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). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million for the quarter, compared to analysts' expectations of $208.54 million. During the same period in the previous year, the business posted $0.44 earnings per share. The business's revenue was up .9% on a year-over-year basis. On average, analysts expect that Macerich will post 1.56 EPS for the current year.

Insider Buying and Selling at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the firm's stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares of the company's stock, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Macerich

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MAC. Blue Trust Inc. increased its holdings in shares of Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 933 shares in the last quarter. Quest Partners LLC purchased a new stake in Macerich during the 2nd quarter worth approximately $50,000. GAMMA Investing LLC increased its stake in Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust's stock valued at $59,000 after purchasing an additional 933 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich in the second quarter worth $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust's stock worth $150,000 after buying an additional 2,161 shares during the period. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Company Profile

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.