Truist Financial Begins Coverage on Macerich (NYSE:MAC)

Analysts at Truist Financial assumed coverage on shares of Macerich (NYSE:MAC) in a research report issued on Friday, MarketBeat.com reports. The firm set a “buy” rating and a $26.00 price target on the real estate investment trust’s stock. Truist Financial’s target price points to a potential upside of 13.24% from the stock’s previous close.

MAC has been the subject of several other reports. Mizuho set a $28.00 target price on Macerich in a research report on Wednesday, August 5th. KeyCorp raised their target price on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Piper Sandler raised 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 report on Wednesday, August 12th. Finally, Compass Point reissued a “neutral” rating and issued a $26.00 price objective (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. One research 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 stock. According to data from MarketBeat.com, Macerich presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.

Macerich Trading Up 0.4%

NYSE:MAC traded up $0.09 during trading hours on Friday, hitting $22.96. 2,974,634 shares of the company were exchanged, compared to its average volume of 2,939,628. The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of -35.32, a price-to-earnings-growth ratio of 1.65 and a beta of 2.10. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich has a one year low of $16.03 and a one year high of $26.67. The company has a fifty day simple moving average of $23.80 and a 200 day simple moving average of $23.05.

Macerich (NYSE:MAC) last announced its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The company 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 firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the business earned $0.33 earnings per share. Sell-side analysts expect that Macerich will post 1.49 EPS for the current fiscal year.

Insider Transactions at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction dated Wednesday, September 9th. The stock was 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 in the company, valued at approximately $19,718.16. The trade was a 76.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Macerich

A number of hedge funds have recently added to or reduced their stakes in MAC. BlackRock Inc. bought a new position in Macerich during the 2nd quarter valued at $1,378,836,000. Deutsche Bank AG bought a new stake in shares of Macerich in the 2nd quarter worth $138,928,000. Bamco Inc. NY bought a new stake in shares of Macerich in the 2nd quarter worth $125,944,000. Geode Capital Management LLC grew its stake in shares of Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after acquiring an additional 70,132 shares in the last quarter. Finally, Centersquare Investment Management LLC grew its stake in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after acquiring an additional 3,808,336 shares in the last quarter. Institutional investors and hedge funds 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.