JP Morgan Maintains Macerich Co to Neutral with Price Target $87.00

Brokerage firm JP Morgan Maintains its rating on Macerich Co(NYSE:MAC). In a research note issued to the investors, the brokerage major Raises the price-target to $87.00 per share. The shares have been rated Neutral. The rating by JP Morgan was issued on Aug 5, 2016.

Macerich Co (MAC) made into the market gainers list on Wednesdays trading session with the shares advancing 1.01% or 0.83 points. Due to strong positive momentum, the stock ended at $83.07, which is also near the day’s high of $83.18. The stock began the session at $82.5 and the volume stood at 9,17,562 shares. The 52-week high of the shares is $94.51 and the 52 week low is $71.82. The company has a current market capitalization of $11,931 M and it has 14,36,25,500 shares in outstanding.

Macerich Co(MAC) last announced its earnings results on Aug 1, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $259.90M. Analysts had an estimated revenue of $252.32M. Earnings per share were $1.02. Analysts had estimated an EPS of $0.99.

Several Insider Transactions has been reported to the SEC. On Aug 3, 2016, Robert D Perlmutter (Senior EVP and COO) sold 1,500 shares at $89.79 per share price.Also, On Jun 17, 2016, Hern Thomas E O (Senior EVP, Treasurer & CFO) sold 5,000 shares at $79.03 per share price.On Mar 9, 2016, Thomas J. Leanse (Senior EVP, CLO & Secretary) sold 17,166 shares at $78.84 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.

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