Macerich (NYSE:MAC) Now Covered by BNP Paribas Exane

Key Points

• BNP Paribas Exane initiated coverage of Macerich with an “outperform” rating and a $28 price target, implying approximately 26% upside from the prior close.
• Macerich has a consensus “Moderate Buy” rating from analysts, with an average price target of $26.44; recent firms including Evercore also upgraded the stock.
• The REIT’s latest quarterly results missed EPS expectations, reporting a $0.10 loss per share versus a projected $0.05 loss, although revenue of $249.71 million exceeded estimates.

Research analysts at BNP Paribas Exane began coverage on shares of Macerich (NYSE:MAC - Get Free Report) in a report released on Friday, Briefing.com reports. The firm set an "outperform" rating and a $28.00 price target on the real estate investment trust's stock. BNP Paribas Exane's price target indicates a potential upside of 26.15% from the stock's previous close.

A number of other research firms have also recently commented on MAC. Weiss Ratings raised shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 12th. Evercore upgraded Macerich from an "in-line" rating to an "outperform" rating and set a $26.00 target price for the company in a research report on Monday, September 21st. Compass Point reaffirmed a "neutral" rating and set a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. LADENBURG THALM/SH SH increased their price target on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Finally, Wall Street Zen raised Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $26.44.

Macerich Stock Performance

NYSE MAC opened at $22.20 on Friday. The business's 50 day moving average price is $23.58 and its 200-day moving average price is $23.13. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The company has a market cap of $6.29 billion, a P/E ratio of -34.15, a P/E/G ratio of 1.59 and a beta of 2.10. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88.

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

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the firm's stock in a transaction that occurred on 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 directly owned 847 shares of the company's stock, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.21% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new stake in Macerich during the 2nd quarter valued at $36,000. Global Retirement Partners LLC bought a new position in shares of Macerich during the 2nd quarter worth $39,000. Farther Finance Advisors LLC grew its position in shares of Macerich by 90.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,799 shares of the real estate investment trust's stock worth $40,000 after buying an additional 852 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Macerich during the fourth quarter valued at $49,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Macerich during the second quarter valued at $61,000. Institutional investors own 87.38% of the company's stock.

About Macerich

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich's properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.

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