Macerich (NYSE:MAC) Price Target Cut to $19.00 by Analysts at Truist Financial

Macerich (NYSE:MAC) had its price target reduced by Truist Financial from $23.00 to $19.00 in a research report released on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

MAC has been the topic of a number of other reports. Scotiabank dropped their target price on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a report on Thursday, March 6th. Piper Sandler decreased their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group lowered their price objective on Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a research report on Tuesday, December 17th. They issued a “hold” rating and a $22.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, March 10th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Macerich currently has an average rating of “Hold” and an average target price of $19.37.

Macerich Stock Performance

MAC opened at $17.08 on Tuesday. Macerich has a 52-week low of $12.99 and a 52-week high of $22.27. The firm has a market capitalization of $4.31 billion, a PE ratio of 43.79, a PEG ratio of 0.71 and a beta of 2.62. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The business’s 50-day simple moving average is $18.92 and its 200 day simple moving average is $19.21.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.98%. The ex-dividend date was Tuesday, March 4th. Macerich’s payout ratio is presently -86.08%.

Institutional Trading of Macerich

Institutional investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC boosted its position in Macerich by 9.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock valued at $118,000 after acquiring an additional 512 shares during the last quarter. M&T Bank Corp boosted its stake in Macerich by 2.8% during the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock valued at $403,000 after purchasing an additional 543 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in Macerich by 5.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after buying an additional 665 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Macerich by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock worth $5,029,000 after acquiring an additional 700 shares in the last quarter. Finally, Townsquare Capital LLC grew its position in Macerich by 7.2% in the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 902 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Company Profile

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.