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

Key Points

• Truist Financial initiated coverage of Macerich with a “buy” rating and a $26 price target, implying approximately 14% upside from the prior close.
• Analyst sentiment is broadly positive: Macerich has a consensus “Moderate Buy” rating and an average price target of $26.33, supported by recent upgrades and higher targets from several firms.
• Macerich’s shares rose 1.1% to $22.78, while institutional investors own 87.38% of the stock. The REIT recently reported a quarterly EPS loss of $0.10, missing estimates, despite revenue exceeding forecasts.

Equities research analysts at Truist Financial assumed coverage on shares of Macerich (NYSE:MAC - Get Free Report) in a research report issued to clients and investors 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 indicate a potential upside of 14.12% from the company's previous close.

A number of other equities analysts also recently weighed in on MAC. Jefferies Financial Group upgraded Macerich to a "strong-buy" rating in a report on Friday, June 26th. KeyCorp boosted their price objective on shares of Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Compass Point reiterated a "neutral" rating and issued a $26.00 target price (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. Wall Street Zen raised shares of Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, Morgan Stanley boosted their price target on shares of Macerich from $20.00 to $25.00 and gave the company an "equal weight" rating in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Macerich currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.33.

Macerich Trading Up 1.1%

Shares of MAC traded up $0.24 during midday trading on Friday, hitting $22.78. The stock had a trading volume of 167,002 shares, compared to its average volume of 2,917,696. The business has a 50-day simple moving average of $23.92 and a two-hundred day simple moving average of $23.00. The firm has a market cap of $6.46 billion, a P/E ratio of -34.89, a price-to-earnings-growth ratio of 1.60 and a beta of 2.10. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich has a fifty-two week low of $16.03 and a fifty-two week high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The firm had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm's revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, equities analysts forecast that Macerich will post 1.49 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Macerich in the second quarter worth $1,378,836,000. Deutsche Bank AG acquired a new position in Macerich in the 2nd quarter valued at $138,928,000. Bamco Inc. NY acquired a new position in Macerich in the 2nd quarter valued at $125,944,000. Centersquare Investment Management LLC raised its holdings in Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock worth $117,307,000 after acquiring an additional 3,808,336 shares during the period. Finally, Norges Bank bought a new position in Macerich in the 4th quarter worth $66,924,000. Institutional investors and hedge funds own 87.38% of the company's stock.

About Macerich

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.

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