Macerich (NYSE:MAC) Now Covered by Analysts at Truist Financial

Investment analysts at Truist Financial assumed 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 target would suggest a potential upside of 16.20% from the stock’s previous close.

Several other equities analysts have also recently commented on MAC. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 12th. Mizuho set a $28.00 price objective on Macerich in a report on Wednesday, August 5th. KeyCorp upped their price objective on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a report on Friday, June 26th. Finally, Piper Sandler upgraded Macerich from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $28.00 to $30.00 in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Macerich has a consensus rating of “Moderate Buy” and an average target price of $26.33.

Macerich Price Performance

Macerich stock traded down $0.58 during midday trading on Friday, hitting $22.38. 871,649 shares of the company’s stock were exchanged, compared to its average volume of 2,928,518. Macerich has a 52-week low of $16.03 and a 52-week high of $26.67. The stock has a 50-day moving average price of $23.72 and a two-hundred day moving average price of $23.08. 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 company has a market cap of $6.34 billion, a P/E ratio of -34.48, a PEG ratio of 1.64 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) EPS for the quarter, missing the consensus estimate 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 business had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. Macerich’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts forecast that Macerich will post 1.49 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Christopher Zecchini sold 2,740 shares of the 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 sale, the chief accounting officer directly owned 847 shares in the company, valued at $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Macerich

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Macerich during the 2nd quarter valued at about $1,378,836,000. Deutsche Bank AG purchased a new stake in Macerich during the 2nd quarter valued at about $138,928,000. Bamco Inc. NY purchased a new stake in Macerich during the 2nd quarter valued at about $125,944,000. Geode Capital Management LLC boosted its holdings in Macerich by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock valued at $122,008,000 after acquiring an additional 70,132 shares during the period. Finally, Centersquare Investment Management LLC boosted its holdings in 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 acquiring an additional 3,808,336 shares during the period. 87.38% of the stock is currently owned by hedge funds and other 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.