Scotiabank Lowers Macerich (NYSE:MAC) to Sector Underperform

Macerich (NYSE:MAC - Get Free Report) was downgraded by Scotiabank from a "sector perform" rating to a "sector underperform" rating in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $14.00 price target on the real estate investment trust's stock, down from their previous price target of $16.00. Scotiabank's target price would suggest a potential downside of 9.85% from the company's previous close.

MAC has been the subject of a number of other reports. Citigroup raised shares of Macerich from a "sell" rating to a "neutral" rating and upped their target price for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Mizuho lowered their target price on Macerich from $17.00 to $14.00 and set an "underperform" rating on the stock in a research report on Wednesday, May 1st. Piper Sandler cut Macerich from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Truist Financial reaffirmed a "hold" rating and issued a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. Finally, StockNews.com downgraded Macerich from a "hold" rating to a "sell" rating in a research note on Tuesday, April 30th. Five investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $14.71.

Macerich Stock Performance

Shares of NYSE MAC traded down $0.54 during midday trading on Friday, hitting $15.53. 1,792,775 shares of the company's stock traded hands, compared to its average volume of 2,060,992. The firm has a fifty day moving average of $15.90 and a 200 day moving average of $15.01. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -9.96, a price-to-earnings-growth ratio of 1.82 and a beta of 2.38.

Insider Buying and Selling at Macerich

In other news, insider Ann C. Menard purchased 4,865 shares of the business's stock in a transaction on Wednesday, May 8th. The stock was acquired at an average price of $15.40 per share, for a total transaction of $74,921.00. Following the acquisition, the insider now directly owns 20,633 shares of the company's stock, valued at approximately $317,748.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Macerich news, insider Ann C. Menard acquired 4,865 shares of the company's stock in a transaction on Wednesday, May 8th. The stock was acquired at an average cost of $15.40 per share, with a total value of $74,921.00. Following the purchase, the insider now directly owns 20,633 shares of the company's stock, valued at approximately $317,748.20. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kenneth Volk bought 5,000 shares of the firm's stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $15.40 per share, for a total transaction of $77,000.00. Following the completion of the transaction, the executive vice president now directly owns 51,924 shares in the company, valued at approximately $799,629.60. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 163,365 shares of company stock worth $2,358,681 and have sold 172,964 shares worth $2,940,030. 0.53% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Macerich

Institutional investors have recently modified their holdings of the stock. Y.D. More Investments Ltd lifted its position in Macerich by 0.9% in the fourth quarter. Y.D. More Investments Ltd now owns 81,330 shares of the real estate investment trust's stock worth $1,255,000 after buying an additional 745 shares during the last quarter. SeaCrest Wealth Management LLC lifted its holdings in shares of Macerich by 1.6% in the 1st quarter. SeaCrest Wealth Management LLC now owns 60,937 shares of the real estate investment trust's stock worth $1,050,000 after acquiring an additional 978 shares during the last quarter. Metis Global Partners LLC lifted its holdings in shares of Macerich by 8.2% in the 4th quarter. Metis Global Partners LLC now owns 13,666 shares of the real estate investment trust's stock worth $211,000 after acquiring an additional 1,040 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Macerich by 4.3% during the 3rd quarter. Van ECK Associates Corp now owns 25,312 shares of the real estate investment trust's stock worth $276,000 after purchasing an additional 1,049 shares during the period. Finally, Swiss National Bank grew its holdings in Macerich by 0.3% during the 1st quarter. Swiss National Bank now owns 425,415 shares of the real estate investment trust's stock valued at $7,330,000 after purchasing an additional 1,200 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

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.