Macerich (NYSE:MAC) Earns “Hold” Rating from Truist Financial

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

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

Macerich Stock Performance

Macerich stock opened at $17.09 on Monday. The stock has a market cap of $3.69 billion, a P/E ratio of -13.46, a price-to-earnings-growth ratio of 1.88 and a beta of 2.33. 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 has a fifty-two week low of $9.05 and a fifty-two week high of $17.69. The firm’s fifty day moving average price is $16.51 and its 200-day moving average price is $13.82.

Macerich (NYSE:MAC) last announced 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). The firm had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. Macerich’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.53 earnings per share. On average, equities research analysts expect that Macerich will post 1.81 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Thursday, February 15th. Macerich’s payout ratio is -53.54%.

Insider Activity at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the transaction, the director now owns 197,900 shares in the company, valued at $3,243,581. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Hern Thomas E. O sold 7,964 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares in the company, valued at approximately $3,243,581. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Hern Thomas E. O sold 95,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now directly owns 102,900 shares in the company, valued at approximately $1,743,126. The disclosure for this sale can be found here. Insiders have sold a total of 152,964 shares of company stock worth $2,599,830 over the last quarter. Corporate insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Raymond James & Associates increased its holdings in shares of Macerich by 59.5% during the first quarter. Raymond James & Associates now owns 17,799 shares of the real estate investment trust’s stock valued at $278,000 after acquiring an additional 6,640 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised 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 buying an additional 4,253 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in 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 buying an additional 7,444 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Macerich by 5.9% in the first quarter. Great West Life Assurance Co. Can now owns 295,511 shares of the real estate investment trust’s stock worth $4,777,000 after buying an additional 16,588 shares in the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of Macerich by 1.4% during the first quarter. Yousif Capital Management LLC now owns 120,805 shares of the real estate investment trust’s stock valued at $1,889,000 after buying 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.