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

Macerich (NYSE:MAC) had its price target cut by analysts at Truist Financial from $21.00 to $19.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s target price would suggest a potential upside of 1.75% from the company’s current price.

Several other research analysts have also recently commented on the company. Evercore ISI boosted their price target on Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 target price on shares of Macerich in a research report on Monday. Bank of America raised shares of Macerich from a “neutral” rating to a “buy” rating and increased their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 26th. JPMorgan Chase & Co. lifted their price target on Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 27th. Finally, Scotiabank upped their price objective on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, November 13th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $19.40.

Macerich Price Performance

Shares of Macerich stock traded up $0.19 during trading on Friday, hitting $18.67. 751,469 shares of the company were exchanged, compared to its average volume of 1,961,945. The firm has a 50 day moving average price of $17.44 and a 200 day moving average price of $17.20. The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of -11.74, a P/E/G ratio of 3.62 and a beta of 2.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.97. Macerich has a fifty-two week low of $12.48 and a fifty-two week high of $21.12.

Macerich (NYSE:MAC) last issued its quarterly earnings results 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). The business had revenue of $253.26 million during the quarter, compared to analyst estimates of $246.77 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 earnings per share. On average, equities analysts expect that Macerich will post 1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Macerich

Institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its position in shares of Macerich by 2.4% during the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after acquiring an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Macerich by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock valued at $209,692,000 after purchasing an additional 4,868,844 shares during the last quarter. Geode Capital Management LLC increased its stake in Macerich by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock worth $105,160,000 after purchasing an additional 145,906 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Macerich by 40.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust’s stock worth $105,258,000 after buying an additional 1,754,466 shares during the period. Finally, Northern Trust Corp lifted its stake in Macerich by 3.6% during the first quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust’s stock valued at $74,813,000 after buying an additional 151,295 shares in the last quarter. Institutional investors and hedge funds 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.