Macerich Co (MAC) is Reiterated by Canaccord Genuity to Hold, Raises Price Target to $ 84

Macerich Co (MAC) was Reiterated by Canaccord Genuity to “Hold” according to the research note released today. The brokerage firm has raised the Price Target to $ 84 from a previous price target of $80 . Canaccord Genuity advised their investors in a research report released on Aug 16, 2016.

On the company’s financial health, Macerich Co reported $1.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.98. The company had revenue of $259.90 million for the quarter, compared to analysts expectations of $248.81 million. The company’s revenue was down -19.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.90 EPS.

Macerich Co closed down -0.02 points or -0.02% at $84.46 with 11,09,131 shares getting traded on Monday. Post opening the session at $84.48, the shares hit an intraday low of $83.79 and an intraday high of $84.79 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

Investors should note that on Jul 22, 2016, Macerich Co announced a cash dividend of $0.6800. The company’s management has announced Aug 17, 2016 as the ex-dividend date and fixed the record date on Aug 19, 2016. The payable date has been fixed on Sep 8, 2016.

In a different news, on Aug 12, 2016, Steven L Soboroff (director) sold 2,000 shares at $78.32 per share price. According to the SEC, on Aug 3, 2016, Robert D Perlmutter (Senior EVP and COO) sold 1,500 shares at $89.79 per share price. On Jun 17, 2016, Hern Thomas E O (Senior EVP, Treasurer & CFO) sold 5,000 shares at $79.03 per share price, according to the Form-4 filing with the securities and exchange commission.

The Macerich Company is a self-managed and self-administered real estate investment trust (REIT). The Company is engaged in the acquisition ownership development redevelopment management and leasing of regional and community/power shopping centers located throughout the United States. The Company through its partnership and ownership interests in the Macerich Partnership L.P. has an ownership interest in 51 regional shopping centers and eight community/power shopping centers. These 59 regional and community/power shopping centers (which include any related office space) consist of approximately 55 million square feet of gross leasable area (GLA). The Centers primarily included 194 Anchors totaling approximately 28 million square feet of GLA and approximately 6000 Mall Stores and Freestanding Stores totaling approximately 26 million square feet of GLA.

Macerich Co

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