Scotiabank Lowers Macerich (NYSE:MAC) Price Target to $21.00

Macerich (NYSE:MAC) had its target price reduced by Scotiabank from $22.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 24.52% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on MAC. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Morgan Stanley raised shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price target for the company in a research report on Wednesday, January 15th. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $14.00 to $22.00 in a research report on Wednesday, December 4th. Compass Point boosted their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reduced their target price on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.13.

Macerich Stock Performance

Shares of MAC stock opened at $16.87 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm has a fifty day moving average price of $19.98 and a 200 day moving average price of $18.98. The company has a market cap of $4.26 billion, a P/E ratio of 43.24, a PEG ratio of 0.71 and a beta of 2.62. Macerich has a 12 month low of $12.99 and a 12 month high of $22.27.

Insider Buying and Selling

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the transaction, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $90,000. Public Employees Retirement System of Ohio grew its position in shares of Macerich by 12.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 352,623 shares of the real estate investment trust’s stock valued at $7,024,000 after purchasing an additional 38,623 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Macerich by 4.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,619,222 shares of the real estate investment trust’s stock valued at $32,255,000 after purchasing an additional 72,849 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $16,778,000. Finally, State of Wyoming acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $55,000. 87.38% of the stock is currently 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.