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Bank of America Upgrades Macerich (NYSE:MAC) to Buy

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Key Points

  • Bank of America has upgraded Macerich (NYSE:MAC) from a "neutral" rating to a "buy" rating, with a new price target of $23.00, suggesting a potential upside of 37.48% from its current price.
  • Research analysts have shown a mix of sentiments towards Macerich, with six giving it a Buy rating, while others have assigned Hold or Sell ratings.
  • Macerich recently reported quarterly earnings, with an EPS of $0.32 which missed estimates, although its revenue increased 15.9% year-over-year.
  • MarketBeat previews the top five stocks to own by October 1st.

Macerich (NYSE:MAC - Get Free Report) was upgraded by equities research analysts at Bank of America from a "neutral" rating to a "buy" rating in a report released on Friday, Marketbeat reports. The firm currently has a $23.00 price objective on the real estate investment trust's stock, up from their previous price objective of $19.00. Bank of America's price target suggests a potential upside of 37.48% from the company's current price.

A number of other equities research analysts have also recently issued reports on MAC. Scotiabank upped their price objective on shares of Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upped their price target on shares of Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Wednesday, August 27th. Wall Street Zen lowered shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a "buy" rating and a $25.00 price target for the company. Finally, Evercore ISI upped their price target on shares of Macerich from $18.00 to $20.00 and gave the company an "in-line" rating in a report on Monday, September 15th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Macerich currently has a consensus rating of "Hold" and an average price target of $20.11.

Read Our Latest Research Report on MAC

Macerich Price Performance

Shares of Macerich stock opened at $16.73 on Friday. Macerich has a 52-week low of $12.48 and a 52-week high of $22.27. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of -9.56, a price-to-earnings-growth ratio of 3.22 and a beta of 2.27. The company has a fifty day moving average of $17.53 and a 200-day moving average of $16.38. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. During the same period last year, the company posted $0.39 EPS. Macerich's revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts expect that Macerich will post 1.55 EPS for the current year.

Institutional Trading of Macerich

A number of institutional investors have recently made changes to their positions in MAC. Texas Permanent School Fund Corp lifted its stake in shares of Macerich by 1.4% in the 2nd quarter. Texas Permanent School Fund Corp now owns 102,139 shares of the real estate investment trust's stock worth $1,653,000 after purchasing an additional 1,412 shares during the period. Thrivent Financial for Lutherans raised its stake in Macerich by 1.8% during the 2nd quarter. Thrivent Financial for Lutherans now owns 186,237 shares of the real estate investment trust's stock worth $3,013,000 after acquiring an additional 3,229 shares during the period. Public Sector Pension Investment Board raised its stake in Macerich by 9.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 861,310 shares of the real estate investment trust's stock worth $13,936,000 after acquiring an additional 73,172 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in Macerich by 6.1% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 648,125 shares of the real estate investment trust's stock worth $10,495,000 after acquiring an additional 37,404 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in Macerich by 3.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 29,512 shares of the real estate investment trust's stock worth $478,000 after acquiring an additional 927 shares during the period. Hedge funds and other institutional investors own 87.38% of the company's stock.

About Macerich

(Get Free Report)

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.

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Analyst Recommendations for Macerich (NYSE:MAC)

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