Truist Financial Begins Coverage on Macerich (NYSE:MAC)

Analysts at Truist Financial started coverage on shares of Macerich (NYSE:MAC) in a report issued on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $26.00 price target on the real estate investment trust’s stock. Truist Financial’s price objective would indicate a potential upside of 13.66% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Piper Sandler upgraded Macerich from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $30.00 in a research report on Thursday, August 27th. Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a report on Friday, June 26th. Morgan Stanley boosted their price objective on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, June 18th. Finally, Citigroup raised their target price on shares of Macerich from $28.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.33.

Macerich Trading Up 0.0%

Shares of NYSE MAC traded up $0.01 during mid-day trading on Friday, hitting $22.88. The stock had a trading volume of 1,137,313 shares, compared to its average volume of 2,929,615. The business has a 50 day moving average price of $23.80 and a two-hundred day moving average price of $23.05. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $6.49 billion, a P/E ratio of -35.18, a price-to-earnings-growth ratio of 1.65 and a beta of 2.10.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same period in the previous year, the company earned $0.33 EPS. The company’s quarterly revenue was up .0% on a year-over-year basis. On average, equities analysts anticipate that Macerich will post 1.49 EPS for the current fiscal year.

Insider Buying and Selling at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the transaction, the chief accounting officer owned 847 shares of the company’s stock, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.21% of the company’s stock.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently made changes to their positions in MAC. Quantbot Technologies LP bought a new position in shares of Macerich during the 2nd quarter valued at $1,476,000. Quantinno Capital Management LP grew its holdings in shares of Macerich by 165.6% in the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock worth $2,656,000 after acquiring an additional 87,626 shares during the period. Wealth Science Advisors LLC purchased a new stake in Macerich during the second quarter valued at $1,051,000. Bank of New York Mellon Corp purchased a new stake in Macerich during the second quarter valued at $59,962,000. Finally, Centersquare Investment Management LLC lifted its holdings in Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after acquiring an additional 3,808,336 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich’s properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.