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

Truist Financial reaffirmed their hold rating on shares of Macerich (NYSE:MAC) in a research note released on Monday morning, Benzinga reports. The firm currently has a $16.00 target price on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on the company. Piper Sandler upped their target price on Macerich from $12.00 to $17.00 and gave the stock a neutral rating in a research report on Wednesday, December 20th. Citigroup raised Macerich from a sell rating to a neutral rating and upped their target price for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. StockNews.com raised Macerich from a sell rating to a hold rating in a research report on Tuesday, March 12th. Finally, The Goldman Sachs Group upped their target price on Macerich from $9.00 to $13.00 and gave the stock a sell rating in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $14.40.

Macerich Price Performance

Macerich stock opened at $17.20 on Monday. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of -13.54, a PEG ratio of 1.87 and a beta of 2.33. Macerich has a 52-week low of $9.05 and a 52-week high of $17.69. The stock’s 50 day moving average price is $16.55 and its two-hundred day moving average price is $13.85. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. Macerich’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts predict that Macerich will post 1.81 earnings per share for the current year.

Macerich Dividend Announcement

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

Insider Activity at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the sale, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the sale, the president now directly owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 value of $130,529.96. Following the sale, 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. In 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 insiders.

Institutional Investors Weigh In On Macerich

Several large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its position in shares of Macerich by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 19,322 shares of the real estate investment trust’s stock valued at $298,000 after purchasing an additional 1,333 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Macerich by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 34,478,278 shares of the real estate investment trust’s stock valued at $532,000,000 after purchasing an additional 336,251 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Macerich during the 4th quarter valued at $18,938,000. Price T Rowe Associates Inc. MD increased its position in shares of Macerich by 3.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 139,699 shares of the real estate investment trust’s stock valued at $2,156,000 after purchasing an additional 4,466 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Macerich during the 4th quarter worth $173,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

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.