Macerich (NYSE:MAC) Stock Rating Reaffirmed by Truist Financial

Truist Financial reiterated their hold rating on shares of Macerich (NYSE:MAC) in a report published on Monday, Benzinga reports. Truist Financial currently has a $16.00 price objective on the real estate investment trust’s stock.

MAC has been the topic of several other reports. The Goldman Sachs Group raised their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a sell rating in a report on Thursday, January 11th. StockNews.com upgraded shares of Macerich from a sell rating to a hold rating in a report on Tuesday, March 12th. Citigroup upgraded shares of Macerich from a sell rating to a neutral rating and raised their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Finally, Piper Sandler raised their target price on shares of Macerich from $12.00 to $17.00 and gave the stock a neutral rating in a report on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $14.40.

Macerich Stock Performance

Shares of NYSE:MAC opened at $17.20 on Monday. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -13.54, a P/E/G ratio of 1.87 and a beta of 2.33. The firm’s 50 day simple moving average is $16.55 and its 200 day simple moving average is $13.85. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95. Macerich has a fifty-two week low of $9.05 and a fifty-two week high of $17.69.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The firm had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. As a group, sell-side analysts forecast that Macerich will post 1.81 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were paid a $0.17 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.68 annualized dividend and a dividend yield of 3.95%. Macerich’s dividend payout ratio is presently -53.54%.

Insider Activity at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at $3,243,581. The disclosure for this sale can be found here. Over the last three months, insiders sold 152,964 shares of company stock valued at $2,599,830. 0.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Macerich

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. boosted its position in Macerich by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 19,322 shares of the real estate investment trust’s stock worth $298,000 after purchasing an additional 1,333 shares during the period. Vanguard Group Inc. boosted its position in Macerich by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock worth $532,000,000 after purchasing an additional 336,251 shares during the period. Wellington Management Group LLP bought a new position in Macerich during the fourth quarter worth $18,938,000. Price T Rowe Associates Inc. MD boosted its position in Macerich by 3.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 139,699 shares of the real estate investment trust’s stock worth $2,156,000 after purchasing an additional 4,466 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new position in Macerich during the fourth quarter worth $173,000. 87.38% of the stock is owned by institutional investors.

About Macerich

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.