Truist Financial Reiterates “Hold” Rating for Macerich (NYSE:MAC) (2024)

Macerich (NYSE:MAC – Get Free Report)‘s stock had its “hold” rating restated by research analysts at Truist Financial in a research report issued on Monday, Benzinga reports. They currently have a $16.00 target price on the real estate investment trust’s stock. Truist Financial’s target price suggests a potential downside of 5.21% from the company’s previous close.

Several other analysts have also weighed in on MAC. The Goldman Sachs Group lifted their target price 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. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. Piper Sandler boosted their price target on shares of Macerich from $12.00 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday, December 20th. Finally, Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $8.00 to $17.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.40.

Check Out Our Latest Stock Report on Macerich

Macerich Price Performance

Macerich stock traded down $0.12 during midday trading on Monday, hitting $16.88. The company’s stock had a trading volume of 304,828 shares, compared to its average volume of 2,042,890. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67. The stock’s 50-day moving average price is $16.43 and its 200-day moving average price is $13.73. Macerich has a 12 month low of $9.05 and a 12 month high of $17.69. The company has a market capitalization of $3.64 billion, a PE ratio of -13.29, a price-to-earnings-growth ratio of 1.64 and a beta of 2.33.

Macerich (NYSE:MAC – Get Free Report) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 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 firm had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the prior year, the company posted $0.53 EPS. The company’s quarterly revenue was up 4.6% on a year-over-year basis. Analysts anticipate that Macerich will post 1.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Macerich news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total value of $860,000.00. Following the transaction, the president now owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the sale, the director now directly owns 197,900 shares in the company, valued at approximately $3,243,581. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Edward C. Coppola sold 50,000 shares of the company’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 transaction, the president now owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 152,964 shares of company stock worth $2,599,830. 0.57% of the stock is owned by corporate insiders.

Institutional Trading of Macerich

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. Y.D. More Investments Ltd lifted its holdings in shares of Macerich by 0.9% during the 4th quarter. Y.D. More Investments Ltd now owns 81,330 shares of the real estate investment trust’s stock valued at $1,255,000 after buying an additional 745 shares during the period. Bridgewater Associates LP boosted its holdings in Macerich by 2.1% during the 2nd quarter. Bridgewater Associates LP now owns 45,327 shares of the real estate investment trust’s stock valued at $511,000 after acquiring an additional 911 shares during the period. US Bancorp DE increased its position in Macerich by 11.6% during the 4th quarter. US Bancorp DE now owns 8,911 shares of the real estate investment trust’s stock valued at $137,000 after buying an additional 928 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Macerich by 8.1% in the third quarter. Commonwealth Equity Services LLC now owns 13,068 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 980 shares during the period. Finally, Captrust Financial Advisors increased its holdings in shares of Macerich by 5.0% in the fourth quarter. Captrust Financial Advisors now owns 20,864 shares of the real estate investment trust’s stock valued at $235,000 after purchasing an additional 994 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

About Macerich

(Get Free Report)

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.

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