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

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

Several other research firms also recently commented on MAC. Morgan Stanley dropped their price objective on Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, March 10th. Scotiabank lowered their price objective on Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered their price target on Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a report on Monday, March 10th. Finally, Piper Sandler upgraded Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 price target for the company in a research note on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Macerich presently has an average rating of “Hold” and an average target price of $19.12.

Macerich Stock Performance

Macerich stock opened at $16.43 on Monday. The stock has a market cap of $4.15 billion, a PE ratio of 42.13, a P/E/G ratio of 0.71 and a beta of 2.17. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The business’s 50-day moving average price is $15.07 and its two-hundred day moving average price is $18.04. Macerich has a 12-month low of $12.48 and a 12-month high of $22.27.

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

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 4.14%. Macerich’s dividend payout ratio (DPR) is presently -158.14%.

Hedge Funds Weigh In On Macerich

Several hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its holdings in shares of Macerich by 314.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 2,630 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Macerich by 20.4% in the fourth quarter. Van ECK Associates Corp now owns 44,843 shares of the real estate investment trust’s stock valued at $893,000 after purchasing an additional 7,608 shares during the period. New York State Teachers Retirement System lifted its position in shares of Macerich by 2.2% in the fourth quarter. New York State Teachers Retirement System now owns 183,508 shares of the real estate investment trust’s stock valued at $3,655,000 after acquiring an additional 3,979 shares in the last quarter. FIL Ltd grew its holdings in shares of Macerich by 4.7% during the fourth quarter. FIL Ltd now owns 1,158,518 shares of the real estate investment trust’s stock worth $23,078,000 after buying an additional 51,994 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Macerich by 7.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,162,987 shares of the real estate investment trust’s stock worth $43,087,000 after buying an additional 142,566 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.