Macerich’s (MAC) Hold Rating Reaffirmed at Truist Financial

Truist Financial restated their hold rating on shares of Macerich (NYSE:MAC) in a report issued on Monday, Benzinga reports. They currently have a $16.00 price target on the real estate investment trust’s stock.

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

Macerich Stock Performance

Shares of MAC opened at $17.09 on Monday. Macerich has a 1 year low of $9.05 and a 1 year high of $17.69. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s fifty day moving average price is $16.51 and its two-hundred day moving average price is $13.82. The firm has a market cap of $3.69 billion, a PE ratio of -13.46, a PEG ratio of 1.88 and a beta of 2.33.

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

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Friday, February 16th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Thursday, February 15th. Macerich’s dividend payout ratio (DPR) is currently -53.54%.

Insider Buying and Selling

In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now owns 197,900 shares in the company, valued at $3,243,581. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of Macerich stock in a transaction that occurred 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 transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the president now owns 655,667 shares in the company, valued at approximately $11,277,472.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 152,964 shares of company stock worth $2,599,830. Corporate insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James & Associates grew its holdings in Macerich by 59.5% in the first quarter. Raymond James & Associates now owns 17,799 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 6,640 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Macerich by 19.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 26,417 shares of the real estate investment trust’s stock worth $413,000 after acquiring an additional 4,253 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Macerich by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 78,076 shares of the real estate investment trust’s stock worth $1,221,000 after acquiring an additional 7,444 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Macerich by 5.9% during the first quarter. Great West Life Assurance Co. Can now owns 295,511 shares of the real estate investment trust’s stock valued at $4,777,000 after acquiring an additional 16,588 shares in the last quarter. Finally, Yousif Capital Management LLC raised its position in shares of Macerich by 1.4% in the 1st quarter. Yousif Capital Management LLC now owns 120,805 shares of the real estate investment trust’s stock worth $1,889,000 after purchasing an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors 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.