Macerich (NYSE:MAC) Price Target Raised to $20.00 at Truist Financial

Macerich (NYSE:MAC) had its target price boosted by Truist Financial from $19.00 to $20.00 in a research report report published on Tuesday morning, MarketBeat.com reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Macerich in a research report on Monday, December 15th. Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Bank of America upgraded Macerich from a “neutral” rating to a “buy” rating and boosted their target price for the company from $19.00 to $23.00 in a research note on Friday, September 26th. Scotiabank upped their price target on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Macerich presently has a consensus rating of “Hold” and an average price target of $19.76.

Macerich Stock Performance

Shares of MAC opened at $18.43 on Tuesday. The stock has a 50 day moving average of $17.97 and a 200 day moving average of $17.61. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of -11.59, a PEG ratio of 3.61 and a beta of 2.06. Macerich has a 12 month low of $12.48 and a 12 month high of $21.12. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.97.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The business had revenue of $253.26 million during the quarter, compared to analysts’ expectations of $246.77 million. During the same period in the prior year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. As a group, sell-side analysts forecast that Macerich will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 15th were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a yield of 3.7%. Macerich’s dividend payout ratio (DPR) is presently -42.77%.

Institutional Investors Weigh In On Macerich

Institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. grew its stake in shares of Macerich by 1.7% during the third quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock valued at $678,000 after buying an additional 627 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Macerich by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 691 shares during the period. Amalgamated Bank grew its position in Macerich by 1.0% during the 3rd quarter. Amalgamated Bank now owns 72,575 shares of the real estate investment trust’s stock worth $1,321,000 after acquiring an additional 741 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in Macerich by 0.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 124,535 shares of the real estate investment trust’s stock worth $2,267,000 after acquiring an additional 787 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in Macerich by 2.2% in the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after purchasing an additional 813 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.