Truist Financial Begins Coverage on Macerich (NYSE:MAC)

Analysts at Truist Financial began coverage on shares of Macerich (NYSE:MAC) in a research note issued on Friday. 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 would suggest a potential upside of 14.12% from the stock’s previous close.

Several other research firms have also recently commented on MAC. Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a research note on Friday, June 26th. Wall Street Zen upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Evercore raised shares of Macerich from an “in-line” rating to an “outperform” rating and set a $26.00 price objective for the company in a research report on Monday, September 21st. Weiss Ratings upgraded shares of Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Finally, LADENBURG THALM/SH SH increased their target price on shares of Macerich from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Macerich currently has an average rating of “Moderate Buy” and a consensus target price of $26.33.

Macerich Stock Performance

MAC traded up $0.24 during midday trading on Friday, reaching $22.78. The company’s stock had a trading volume of 167,002 shares, compared to its average volume of 2,917,696. 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 company has a fifty day simple moving average of $23.92 and a 200 day simple moving average of $23.00. The stock has a market cap of $6.46 billion, a P/E ratio of -34.89, a PEG ratio of 1.60 and a beta of 2.10. Macerich has a twelve month low of $16.03 and a twelve month high of $26.67.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS 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 business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same quarter last year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was up .0% compared to the same quarter last year. Research analysts expect that Macerich will post 1.49 earnings per share for the current year.

Insider Transactions at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the business’s 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 sale, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. The trade was a 76.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.21% of the stock is owned by company insiders.

Institutional Trading of Macerich

Several institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new position in Macerich in the second quarter worth about $36,000. Hantz Financial Services Inc. boosted its holdings in Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Macerich in the 2nd quarter valued at approximately $39,000. Integrated Wealth Concepts LLC bought a new stake in shares of Macerich in the 2nd quarter valued at approximately $61,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Macerich in the 4th quarter worth approximately $49,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.