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

Macerich (NYSE:MAC) had its price objective boosted by analysts at Truist Financial from $19.00 to $20.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the real estate investment trust’s stock. Truist Financial’s price target suggests a potential upside of 6.56% from the company’s current price.

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

Macerich Stock Performance

NYSE:MAC opened at $18.77 on Tuesday. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -11.80, a PEG ratio of 3.61 and a beta of 2.06. Macerich has a 1 year low of $12.48 and a 1 year high of $21.12. The stock’s 50 day simple moving average is $17.96 and its two-hundred day simple moving average is $17.59. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.03 and a quick ratio of 1.03.

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

Hedge Funds Weigh In On Macerich

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

Macerich Company Profile

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.