Piper Sandler Boosts Macerich (NYSE:MAC) Price Target to $14.00

Macerich (NYSE:MAC) had its target price upped by investment analysts at Piper Sandler from $11.00 to $14.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price indicates a potential downside of 9.47% from the stock’s current price.

A number of other analysts have also recently issued reports on MAC. Evercore ISI upped their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. The Goldman Sachs Group decreased their target price on Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a research report on Monday, June 17th. StockNews.com raised Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Scotiabank cut Macerich from a “sector perform” rating to a “sector underperform” rating and decreased their target price for the company from $16.00 to $14.00 in a research report on Friday, May 17th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.19.

Macerich Stock Up 1.9 %

Shares of NYSE MAC opened at $15.47 on Tuesday. The stock has a market cap of $3.34 billion, a PE ratio of -9.91, a price-to-earnings-growth ratio of 0.53 and a beta of 2.51. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. Macerich has a 52-week low of $9.21 and a 52-week high of $17.69. The business has a 50-day moving average price of $15.37 and a 200 day moving average price of $15.59.

Institutional Trading of Macerich

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Macerich by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock worth $597,400,000 after acquiring an additional 193,787 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Macerich by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock valued at $71,818,000 after buying an additional 165,649 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Macerich by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock valued at $49,675,000 after buying an additional 126,192 shares during the period. Norges Bank acquired a new stake in shares of Macerich in the 4th quarter valued at approximately $22,210,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Macerich by 10.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,233,600 shares of the real estate investment trust’s stock valued at $19,047,000 after buying an additional 116,200 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

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.