Truist Financial Begins Coverage on Macerich (NYSE:MAC)

Stock analysts at Truist Financial assumed coverage on shares of Macerich (NYSE:MAC) in a research report issued on Friday, Marketbeat.com 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 objective points to a potential upside of 12.87% from the stock’s current price.

MAC has been the subject of several other reports. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. LADENBURG THALM/SH SH upped their target price on Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Morgan Stanley upped their price objective on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 18th. Mizuho set a $28.00 price objective on Macerich in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. upgraded Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 price objective for the company in a research note on Thursday, September 24th. 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.33.

Macerich Stock Performance

Shares of MAC stock traded up $0.50 during trading hours on Friday, reaching $23.04. 4,101,033 shares of the company traded hands, compared to its average volume of 2,939,292. Macerich has a 12-month low of $16.03 and a 12-month high of $26.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $6.53 billion, a P/E ratio of -35.44, a P/E/G ratio of 1.60 and a beta of 2.10. The firm has a 50-day moving average price of $23.92 and a 200 day moving average price of $23.00.

Macerich (NYSE:MAC) last posted its quarterly earnings data 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 net margin of 16.85% and a negative return on equity of 6.26%. The company had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. During the same period in the previous year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. As a group, sell-side analysts predict that Macerich will post 1.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total value of $63,787.20. Following the transaction, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Macerich

A number of hedge funds have recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in shares of Macerich in the second quarter valued at $1,476,000. Quantinno Capital Management LP grew its stake in shares of Macerich by 165.6% in the first 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 in the last quarter. Wealth Science Advisors LLC acquired a new stake in shares of Macerich in the second quarter valued at $1,051,000. Bank of New York Mellon Corp acquired a new stake in shares of Macerich in the second quarter valued at $59,962,000. Finally, Centersquare Investment Management LLC grew its stake in shares of Macerich by 149.6% in the fourth 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 in the last quarter. Hedge funds and other institutional investors 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.