Macerich (NYSE:MAC) Research Coverage Started at Truist Financial

Truist Financial began coverage on shares of Macerich (NYSE:MAC) in a report released on Friday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $26.00 price target on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the stock. Morgan Stanley boosted their price target on shares of Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 18th. KeyCorp increased their price objective on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Citigroup lifted their target price on shares of Macerich from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Mizuho set a $28.00 target price on shares of Macerich in a report on Wednesday, August 5th. Finally, Griffin Securities set a $26.00 price target on shares of Macerich in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.33.

Macerich Stock Down 0.1%

NYSE:MAC opened at $23.04 on Friday. The firm’s 50 day simple moving average is $23.86 and its 200 day simple moving average is $23.02. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. Macerich has a one year low of $16.03 and a one year high of $26.67. The company has a market cap of $6.53 billion, a PE ratio of -35.44, a P/E/G ratio of 1.65 and a beta of 2.10.

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

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 14th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 3.0%. Macerich’s dividend payout ratio is currently -104.62%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Macerich

Institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new position in shares of Macerich during the 2nd quarter worth about $61,000. Arizona State Retirement System increased its position in Macerich by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 70,823 shares of the real estate investment trust’s stock valued at $1,784,000 after buying an additional 507 shares in the last quarter. Nykredit A S bought a new stake in Macerich in the 2nd quarter valued at about $87,000. Corient Private Wealth LP raised its stake in Macerich by 3.7% during the 2nd quarter. Corient Private Wealth LP now owns 82,912 shares of the real estate investment trust’s stock worth $2,089,000 after buying an additional 2,989 shares during the period. Finally, Amundi raised its stake in Macerich by 33.1% during the 2nd quarter. Amundi now owns 216,810 shares of the real estate investment trust’s stock worth $5,461,000 after buying an additional 53,894 shares during the period. 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.