Truist Financial Forecasts Strong Price Appreciation for Macerich (NYSE:MAC) Stock

Macerich (NYSE:MAC) had its target price hoisted by research analysts at Truist Financial from $19.00 to $21.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s target price suggests a potential upside of 26.48% from the stock’s previous close.

A number of other research firms have also recently commented on MAC. Scotiabank reduced their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. Morgan Stanley reduced their price objective on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price on the stock in a report on Thursday, May 22nd. Finally, The Goldman Sachs Group cut their price target on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a report on Monday, March 10th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.12.

Macerich Trading Up 3.1%

NYSE MAC traded up $0.49 during trading hours on Monday, hitting $16.60. The company’s stock had a trading volume of 441,107 shares, compared to its average volume of 1,933,969. The stock has a fifty day moving average of $15.09 and a 200 day moving average of $18.06. 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 has a twelve month low of $12.48 and a twelve month high of $22.27. The firm has a market capitalization of $4.19 billion, a P/E ratio of 42.58, a PEG ratio of 0.71 and a beta of 2.17.

Macerich (NYSE:MAC) last posted its 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. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. During the same period last year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities research analysts forecast that Macerich will post 1.55 earnings per share for the current fiscal year.

Institutional Trading of Macerich

Large investors have recently modified their holdings of the stock. Nicola Wealth Management LTD. increased its position in Macerich by 19.8% in 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 buying an additional 7,880 shares in the last quarter. Inspire Investing LLC grew its holdings in shares of Macerich by 15.6% during the first quarter. Inspire Investing LLC now owns 23,329 shares of the real estate investment trust’s stock valued at $401,000 after buying an additional 3,153 shares during the last quarter. Invst LLC bought a new stake in shares of Macerich during the first quarter worth about $720,000. Strs Ohio acquired a new stake in shares of Macerich in the 1st quarter worth about $797,000. Finally, Intech Investment Management LLC lifted its position in Macerich by 39.2% in 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 acquiring an additional 47,089 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Company Profile

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.