Evercore ISI Forecasts Strong Price Appreciation for Macerich (NYSE:MAC) Stock

Key Points

• Macerich's target price was raised to $20.00 by Evercore ISI, suggesting a potential upside of 10.17% from the previous close of $18.15.
• Analysts have varied opinions on the stock, with five giving it a "Buy" rating and two issuing a "Sell" rating, resulting in a consensus price target of $19.80.
• Macerich reported Q2 earnings of $0.32 per share, missing the analyst estimate, but showed a year-over-year revenue increase of 15.9%.

Macerich (NYSE:MAC - Free Report) had its price objective increased by Evercore ISI from $18.00 to $20.00 in a report released on Monday morning, Marketbeat.com reports. They currently have an in-line rating on the real estate investment trust's stock.

Other equities analysts have also issued reports about the stock. LADENBURG THALM/SH SH started coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Wednesday, August 27th. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and decreased their target price for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Scotiabank lifted their price target on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 28th. Finally, Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Macerich has an average rating of "Hold" and an average target price of $19.80.

Macerich Price Performance

NYSE:MAC traded down $0.25 during trading hours on Monday, reaching $17.51. 1,111,956 shares of the company were exchanged, compared to its average volume of 1,953,980. The stock's 50-day moving average is $17.46 and its 200-day moving average is $16.39. The firm has a market cap of $4.42 billion, a PE ratio of -10.00, a price-to-earnings-growth ratio of 3.41 and a beta of 2.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich has a twelve month low of $12.48 and a twelve month high of $22.27.

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). The firm had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. On average, sell-side analysts anticipate that Macerich will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's dividend payout ratio is currently -38.86%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MAC. Norges Bank bought a new position in shares of Macerich in the second quarter worth $51,475,000. Nuveen LLC bought a new position in shares of Macerich in the first quarter worth $32,554,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Macerich by 40.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock worth $105,258,000 after purchasing an additional 1,754,466 shares in the last quarter. American Century Companies Inc. bought a new position in Macerich during the second quarter valued at about $18,368,000. Finally, Woodline Partners LP bought a new position in Macerich during the fourth quarter valued at about $16,778,000. Institutional investors own 87.38% of the company's stock.

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.