Macerich (NYSE:MAC) Given New $21.00 Price Target at Truist Financial

Macerich (NYSE:MAC) had its price objective upped by Truist Financial from $19.00 to $21.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, March 10th. The Goldman Sachs Group decreased their price target on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research note on Monday, March 10th. Morgan Stanley decreased their price target on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Scotiabank cut their price objective on Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Finally, Piper Sandler raised Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 price objective for the company in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.78.

Macerich Price Performance

Shares of MAC opened at $16.25 on Monday. The stock has a market capitalization of $4.11 billion, a P/E ratio of 41.66, a P/E/G ratio of 0.71 and a beta of 2.17. Macerich has a twelve month low of $12.48 and a twelve month high of $22.27. The company has a 50 day moving average of $15.12 and a 200-day moving average of $18.02. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to analysts’ expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period last year, the business earned $0.33 EPS. As a group, equities research analysts forecast that Macerich will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.19%. The ex-dividend date is Tuesday, June 3rd. Macerich’s dividend payout ratio is -158.14%.

Institutional Investors Weigh In On Macerich

Several hedge funds have recently added to or reduced their stakes in the business. Nicola Wealth Management LTD. lifted its holdings in Macerich by 19.8% during the 1st quarter. Nicola Wealth Management LTD. now owns 47,764 shares of the real estate investment trust’s stock valued at $820,000 after purchasing an additional 7,880 shares during the last quarter. Inspire Investing LLC lifted its holdings in Macerich by 15.6% during the 1st quarter. Inspire Investing LLC now owns 23,329 shares of the real estate investment trust’s stock valued at $401,000 after purchasing an additional 3,153 shares during the last quarter. Invst LLC acquired a new stake in Macerich during the 1st quarter valued at $720,000. Strs Ohio acquired a new stake in Macerich during the 1st quarter valued at $797,000. Finally, Intech Investment Management LLC lifted its holdings in Macerich by 39.2% during the 1st quarter. Intech Investment Management LLC now owns 167,341 shares of the real estate investment trust’s stock valued at $2,873,000 after purchasing an additional 47,089 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.