Macerich (NYSE:MAC) Stock Picked Up by Analysts at Truist Financial

Truist Financial initiated coverage on shares of Macerich (NYSE:MAC) in a research report issued on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $26.00 price target on the real estate investment trust’s stock. Truist Financial’s price target suggests a potential upside of 12.48% from the stock’s current price.

A number of other research firms also recently weighed in on MAC. Mizuho set a $28.00 target price on Macerich in a report on Wednesday, August 5th. Morgan Stanley upped their target price on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, June 18th. Evercore upgraded Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 target price on the stock in a report on Monday, September 21st. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a report on Friday, June 26th. Finally, KeyCorp upped their target price on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Macerich currently has a consensus rating of “Moderate Buy” and an average price target of $26.33.

Macerich Stock Up 0.3%

Shares of MAC stock traded up $0.07 during midday trading on Friday, reaching $23.12. 740,221 shares of the stock were exchanged, compared to its average volume of 2,927,147. Macerich has a 1 year low of $16.03 and a 1 year high of $26.67. The company’s 50 day moving average is $23.86 and its two-hundred day moving average is $23.02. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a market cap of $6.55 billion, a PE ratio of -35.55, a price-to-earnings-growth 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). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same quarter last year, the company posted $0.33 EPS. The firm’s revenue was up .0% on a year-over-year basis. On average, equities research analysts predict that Macerich will post 1.49 EPS for the current year.

Insider Buying and Selling at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares of the company’s stock, valued at $19,718.16. This represents a 76.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On Macerich

Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Macerich during the 2nd quarter valued at $1,476,000. Quantinno Capital Management LP lifted its holdings in shares of Macerich by 165.6% during the 1st quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after buying an additional 87,626 shares during the period. Wealth Science Advisors LLC bought a new position in shares of Macerich during the 2nd quarter valued at $1,051,000. Bank of New York Mellon Corp bought a new position in shares of Macerich during the 2nd quarter valued at $59,962,000. Finally, Centersquare Investment Management LLC lifted its holdings in shares of Macerich by 149.6% during the 4th 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 buying an additional 3,808,336 shares during the period. 87.38% of the stock is owned by institutional investors.

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.