JPMorgan Chase & Co. Issues Pessimistic Forecast for Macerich (NYSE:MAC) Stock Price

Macerich (NYSE:MAC) had its price target decreased by stock analysts at JPMorgan Chase & Co. from $22.00 to $18.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 13.16% from the company’s current price.

MAC has been the subject of several other reports. Piper Sandler lowered their target price on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Morgan Stanley upgraded Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price objective for the company in a research note on Wednesday, January 15th. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and raised their target price for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a research report on Tuesday, December 17th. They set a “hold” rating and a $22.00 price target for the company. Finally, Scotiabank reduced their target price on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Macerich has an average rating of “Hold” and a consensus target price of $19.05.

Macerich Stock Performance

MAC stock traded down $0.97 during trading on Monday, hitting $15.91. 737,345 shares of the company’s stock traded hands, compared to its average volume of 1,786,984. The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of 40.84, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. Macerich has a 52 week low of $12.99 and a 52 week high of $22.27. The stock has a fifty day moving average price of $19.92 and a two-hundred day moving average price of $19.05. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Insider Transactions at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares of the company’s stock, valued at $1,718,832.61. This trade represents a 43.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Macerich

Hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC raised its holdings in Macerich by 9.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 512 shares during the period. M&T Bank Corp increased its position in shares of Macerich by 2.8% in the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after acquiring an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Macerich by 5.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock valued at $244,000 after acquiring an additional 665 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in shares of Macerich by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock valued at $5,029,000 after acquiring an additional 700 shares in the last quarter. Finally, Townsquare Capital LLC boosted its stake in Macerich by 7.2% in the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 902 shares during the period. 87.38% of the stock is owned by hedge funds and other 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.