Macerich (NYSE:MAC) Given New $12.50 Price Target at The Goldman Sachs Group

Macerich (NYSE:MACGet Free Report) had its price objective dropped by research analysts at The Goldman Sachs Group from $14.00 to $12.50 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “sell” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 15.65% from the company’s current price.

Several other research analysts have also commented on MAC. Scotiabank lowered Macerich from a “sector perform” rating to a “sector underperform” rating and cut their price target for the stock from $16.00 to $14.00 in a research report on Friday, May 17th. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. Piper Sandler lowered Macerich from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Mizuho dropped their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating on the stock in a report on Wednesday, May 1st. Finally, Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.64.

Read Our Latest Stock Report on Macerich

Macerich Price Performance

Shares of NYSE MAC opened at $14.82 on Monday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. Macerich has a fifty-two week low of $9.21 and a fifty-two week high of $17.69. The firm has a market capitalization of $3.20 billion, a PE ratio of -9.50, a price-to-earnings-growth ratio of 3.00 and a beta of 2.43. The stock’s 50-day simple moving average is $15.21 and its 200-day simple moving average is $15.70.

Insiders Place Their Bets

In related news, EVP Kenneth Volk acquired 5,000 shares of Macerich stock in a transaction dated Friday, May 10th. The shares were acquired at an average cost of $15.40 per share, for a total transaction of $77,000.00. Following the completion of the transaction, the executive vice president now directly owns 51,924 shares of the company’s stock, valued at $799,629.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Edward C. Coppola sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the completion of the transaction, the director now directly owns 635,667 shares in the company, valued at $10,812,695.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kenneth Volk bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average price of $15.40 per share, with a total value of $77,000.00. Following the completion of the purchase, the executive vice president now directly owns 51,924 shares of the company’s stock, valued at approximately $799,629.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 163,365 shares of company stock worth $2,358,681. 0.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently added to or reduced their stakes in MAC. Norges Bank purchased a new stake in shares of Macerich in the fourth quarter worth about $22,210,000. Wellington Management Group LLP purchased a new stake in shares of Macerich in the fourth quarter worth about $18,938,000. Russell Investments Group Ltd. boosted its position in shares of Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after buying an additional 1,108,770 shares during the period. Waterfront Capital Partners LLC purchased a new stake in shares of Macerich in the fourth quarter worth about $14,609,000. Finally, Jessup Wealth Management Inc purchased a new stake in shares of Macerich in the first quarter worth about $7,222,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Macerich (NYSE:MAC)

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