Piper Sandler Downgrades Macerich (NYSE:MAC) to Underweight

Macerich (NYSE:MAC - Get Free Report) was downgraded by equities research analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $11.00 price objective on the real estate investment trust's stock, down from their previous price objective of $17.00. Piper Sandler's price objective suggests a potential downside of 18.28% from the stock's current price.

MAC has been the topic of a number of other research reports. Citigroup upgraded shares of Macerich from a "sell" rating to a "neutral" rating and increased their target price for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. Truist Financial reissued a "hold" rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. StockNews.com lowered Macerich from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, The Goldman Sachs Group upped their target price on Macerich from $9.00 to $13.00 and gave the company a "sell" rating in a research report on Thursday, January 11th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, Macerich presently has an average rating of "Hold" and a consensus target price of $14.83.

Macerich Stock Down 2.2 %

MAC stock traded down $0.30 during mid-day trading on Wednesday, reaching $13.46. The company had a trading volume of 4,945,818 shares, compared to its average volume of 1,980,561. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -10.72, a PEG ratio of 1.80 and a beta of 2.33. Macerich has a 52 week low of $9.05 and a 52 week high of $17.69. The stock has a 50 day simple moving average of $16.24 and a two-hundred day simple moving average of $14.63. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). The business had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, equities analysts predict that Macerich will post 1.8 earnings per share for the current fiscal year.

Insider Activity at Macerich

In related news, Director Hern Thomas E. O sold 95,000 shares of Macerich stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total value of $1,609,300.00. Following the transaction, the director now directly owns 102,900 shares of the company's stock, valued at $1,743,126. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Macerich news, Director Hern Thomas E. O sold 95,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the sale, the director now directly owns 102,900 shares in the company, valued at approximately $1,743,126. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares of the company's stock, valued at $11,277,472.40. The disclosure for this sale can be found here. Insiders sold 172,964 shares of company stock worth $2,940,030 over the last three months. Company insiders own 0.53% of the company's stock.

Institutional Investors Weigh In On Macerich

Several hedge funds and other institutional investors have recently bought and sold shares of MAC. Signaturefd LLC lifted its holdings in shares of Macerich by 152.4% in the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 1,308 shares in the last quarter. Anchor Investment Management LLC bought a new position in shares of Macerich in the fourth quarter valued at $40,000. Quest Partners LLC acquired a new position in shares of Macerich during the fourth quarter valued at about $41,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Macerich during the third quarter valued at about $36,000. Finally, CWM LLC increased its position in shares of Macerich by 51.0% during the third quarter. CWM LLC now owns 5,409 shares of the real estate investment trust's stock worth $59,000 after acquiring an additional 1,826 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

About Macerich

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.