Macerich (NYSE:MAC) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Macerich from “neutral” to “overweight” and set a $26 price target, implying approximately 14.9% upside from the prior close.
• Analyst sentiment is broadly positive: Macerich has a consensus “Moderate Buy” rating and an average price target of $26.12, despite Goldman Sachs maintaining a “sell” rating.
• Macerich’s latest quarterly results missed earnings expectations, reporting a loss of $0.10 per share versus the projected loss of $0.05, while revenue of $249.71 million exceeded estimates.

Macerich (NYSE:MAC - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $26.00 price objective on the real estate investment trust's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 14.86% from the company's previous close.

Several other equities research analysts have also issued reports on MAC. Griffin Securities set a $26.00 price objective on Macerich in a research note on Tuesday, August 18th. Wall Street Zen upgraded shares of Macerich from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Scotiabank increased their price target on shares of Macerich from $24.00 to $27.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 18th. KeyCorp lifted their target price on Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $21.00 price objective on shares of Macerich in a research note on Tuesday, September 1st. One research 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.12.

Macerich Trading Down 0.7%

Shares of MAC stock opened at $22.64 on Thursday. The stock has a 50 day simple moving average of $24.27 and a 200 day simple moving average of $22.84. The stock has a market cap of $6.42 billion, a P/E ratio of -34.82, a price-to-earnings-growth ratio of 1.64 and a beta of 2.06. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67.

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 return on equity of 6.26% and a negative net margin of 16.85%.The firm had revenue of $249.71 million for the quarter, compared to the consensus estimate of $239.77 million. During the same quarter last year, the firm posted $0.33 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. On average, research analysts predict that Macerich will post 1.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Macerich

In other Macerich 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 value of $63,787.20. Following the completion of the transaction, the chief accounting officer owned 847 shares of the company's stock, valued at $19,718.16. This trade represents a 76.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.21% of the company's stock.

Institutional Investors Weigh In On Macerich

Large investors have recently modified their holdings of the stock. Hantz Financial Services Inc. lifted its stake in Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock valued at $28,000 after buying an additional 684 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Macerich during the second quarter worth $36,000. Global Retirement Partners LLC acquired a new stake in shares of Macerich in the second quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Macerich in the fourth quarter valued at approximately $49,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Macerich in the second quarter worth approximately $61,000. Hedge funds and other 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 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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