Truist Financial Issues Positive Forecast for Macerich (NYSE:MAC) Stock Price

Macerich (NYSE:MAC - Free Report) had its price target lifted by Truist Financial from $19.00 to $21.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust's stock.

Several other research firms also recently commented on MAC. JPMorgan Chase & Co. reduced their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a report on Monday, March 10th. Morgan Stanley dropped their price objective on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a report on Thursday, May 22nd. The Goldman Sachs Group lowered their target price on Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a report on Monday, March 10th. Finally, Scotiabank dropped their target price on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $18.78.

Macerich Trading Up 1.6%

Shares of NYSE MAC traded up $0.27 during mid-day trading on Monday, reaching $16.70. The company had a trading volume of 2,434,960 shares, compared to its average volume of 1,944,175. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 42.81, a price-to-earnings-growth ratio of 0.71 and a beta of 2.17. Macerich has a 52 week low of $12.48 and a 52 week high of $22.27. The business's 50-day moving average is $15.09 and its 200-day moving average is $18.03. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 EPS. Equities analysts expect that Macerich will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Tuesday, June 3rd. Macerich's payout ratio is currently -158.14%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MAC. Quantbot Technologies LP acquired a new stake in shares of Macerich during the fourth quarter worth $30,000. Lazard Asset Management LLC acquired a new stake in Macerich during the 4th quarter worth about $45,000. Blue Trust Inc. grew its stake in Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after purchasing an additional 1,064 shares during the last quarter. State of Wyoming acquired a new position in shares of Macerich in the fourth quarter valued at about $55,000. Finally, Quarry LP increased its holdings in shares of Macerich by 2,691.6% in the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 3,203 shares during the period. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Company Profile

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.