Macerich Company (The) (MAC) Lifted to “Hold” at Zacks Investment Research

Macerich Company (The) (NYSE:MAC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, August 8th.

According to Zacks, “Macerich reported a better-than-expected second-quarter 2017 funds from operations (FFO) per share. The quarter witnessed modest improvement in same-center net operating income (NOI). Moreover, taking advantage of the price dislocation in the markets, Macerich repurchased and retired 687,494 shares at an average price of $59.09. Notably, the company enjoys a premium portfolio and a presence of well-capitalized tenants in its roster. Its increasing adoption of the omni-channel model in retailing is anticipated to boost the shopping experience and enhance sales volume at tenant stores. However, increasing consumer purchases through the internet have become a pressing concern for retail REITs, including Macerich. Further, hike in interest rates remains a concern for the company. Also, shares of Macerich underperformed its industry year to date.”

A number of other equities analysts also recently commented on MAC. Barclays PLC decreased their target price on Macerich Company (The) to $61.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. ValuEngine downgraded Macerich Company (The) from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded Macerich Company (The) from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Citigroup Inc. restated a “neutral” rating on shares of Macerich Company (The) in a report on Thursday, May 11th. Finally, Mizuho downgraded Macerich Company (The) from a “buy” rating to a “neutral” rating and decreased their target price for the company from $84.00 to $63.00 in a report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Macerich Company (The) presently has a consensus rating of “Hold” and an average target price of $69.79.

Macerich Company (MAC) traded down 2.46% on Tuesday, hitting $53.14. 2,132,079 shares of the stock were exchanged. Macerich Company has a 52-week low of $52.75 and a 52-week high of $83.71. The company has a 50-day moving average price of $57.84 and a 200-day moving average price of $61.59. The firm has a market cap of $7.51 billion, a PE ratio of 52.25 and a beta of 0.77.

Macerich Company (The) (NYSE:MAC) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.04. Macerich Company (The) had a return on equity of 3.38% and a net margin of 14.39%. The firm had revenue of $247.20 million during the quarter, compared to the consensus estimate of $218.62 million. During the same quarter in the previous year, the company posted $1.02 earnings per share. The business’s revenue was down 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Macerich Company will post $1.04 EPS for the current fiscal year.

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In other Macerich Company (The) news, CEO Arthur M. Coppola sold 100,000 shares of the stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $58.13, for a total value of $5,813,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 3.75% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC increased its stake in shares of Macerich Company (The) by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 192,817 shares of the real estate investment trust’s stock valued at $13,659,000 after buying an additional 8,250 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in shares of Macerich Company (The) by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 104,205 shares of the real estate investment trust’s stock valued at $6,711,000 after buying an additional 3,322 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Macerich Company (The) by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 40,892 shares of the real estate investment trust’s stock valued at $2,633,000 after buying an additional 600 shares during the period. Bank of Montreal Can increased its stake in shares of Macerich Company (The) by 8.2% in the first quarter. Bank of Montreal Can now owns 29,705 shares of the real estate investment trust’s stock valued at $1,912,000 after buying an additional 2,254 shares during the period. Finally, Kissinger Financial Services LLC increased its stake in shares of Macerich Company (The) by 11.2% in the first quarter. Kissinger Financial Services LLC now owns 12,700 shares of the real estate investment trust’s stock valued at $817,000 after buying an additional 1,284 shares during the period. 95.90% of the stock is currently owned by hedge funds and other institutional investors.

About Macerich Company (The)

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.

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