Macerich (NYSE:MAC) Price Target Cut to $30.00 by Analysts at Bank of America
Macerich (NYSE:MAC) had its price objective trimmed by Bank of America from $34.00 to $30.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised Macerich from a sell rating to a hold rating and set a $30.00 price objective on the stock in a research report on Monday, August 26th. Barclays set a $33.00 price objective on Macerich and gave the company a hold rating in a research report on Tuesday, September 10th. BMO Capital Markets cut Macerich from an outperform rating to a market perform rating and lowered their price objective for the company from $40.00 to $33.00 in a research report on Thursday, September 26th. ValuEngine raised Macerich from a strong sell rating to a sell rating in a research report on Wednesday, October 2nd. Finally, SunTrust Banks lowered their price target on Macerich from $43.00 to $30.00 and set a hold rating on the stock in a report on Friday, August 23rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $39.19.
MAC stock traded up $0.47 during midday trading on Thursday, hitting $27.98. The company’s stock had a trading volume of 1,853,631 shares, compared to its average volume of 1,774,563. The company has a market cap of $3.89 billion, a PE ratio of 7.27, a P/E/G ratio of 4.17 and a beta of 0.77. Macerich has a 12 month low of $27.11 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.87. The firm’s 50-day moving average is $30.30 and its 200-day moving average is $35.31.
In other news, CEO Hern Thomas E. O purchased 5,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $28.02 per share, with a total value of $140,100.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Edward C. Coppola purchased 2,500 shares of the stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost of $30.94 per share, for a total transaction of $77,350.00. Following the completion of the acquisition, the president now directly owns 284,095 shares in the company, valued at $8,789,899.30. The disclosure for this purchase can be found here. Insiders have bought a total of 39,424 shares of company stock worth $1,192,094 over the last three months. Insiders own 1.73% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its stake in shares of Macerich by 183.9% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 708 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Macerich by 1,253.3% in the 2nd quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,128 shares in the last quarter. Marshall Wace North America L.P. purchased a new stake in shares of Macerich in the 1st quarter worth $78,000. CSat Investment Advisory L.P. increased its stake in shares of Macerich by 69.1% in the 2nd quarter. CSat Investment Advisory L.P. now owns 2,611 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 1,067 shares in the last quarter. Finally, Machina Capital S.A.S. increased its stake in shares of Macerich by 195.7% in the 2nd quarter. Machina Capital S.A.S. now owns 3,463 shares of the real estate investment trust’s stock worth $116,000 after purchasing an additional 2,292 shares in the last quarter. 97.65% of the stock is currently owned by hedge funds and other institutional investors.
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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