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

Macerich (NYSE:MAC) had its price target decreased by equities research analysts at Truist Financial from $23.00 to $19.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price objective points to a potential upside of 7.16% from the stock’s current price.

A number of other equities analysts have also recently issued reports on MAC. The Goldman Sachs Group cut their target price on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research report on Monday, March 10th. Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and upped their target price for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Piper Sandler dropped their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. JPMorgan Chase & Co. reduced their price objective on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. Finally, Scotiabank dropped their price objective on Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a research report on Thursday, March 6th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Macerich has an average rating of “Hold” and an average target price of $19.37.

Macerich Stock Up 3.9 %

MAC opened at $17.73 on Tuesday. 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 company has a market cap of $4.48 billion, a price-to-earnings ratio of 45.46, a PEG ratio of 0.71 and a beta of 2.62. Macerich has a one year low of $12.99 and a one year high of $22.27. The business’s fifty day moving average is $18.88 and its two-hundred day moving average is $19.20.

Institutional Investors Weigh In On Macerich

A number of institutional investors have recently bought and sold shares of MAC. Vanguard Group Inc. raised its stake in Macerich by 13.2% during the fourth quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock worth $769,260,000 after purchasing an additional 4,503,509 shares during the period. FMR LLC raised its position in shares of Macerich by 87.3% in the 4th quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust’s stock worth $439,192,000 after buying an additional 10,274,895 shares during the period. Wellington Management Group LLP boosted its holdings in Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust’s stock valued at $200,222,000 after acquiring an additional 8,988,665 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Macerich by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 6,001,399 shares of the real estate investment trust’s stock valued at $119,573,000 after acquiring an additional 574,490 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Macerich by 7.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,171,300 shares of the real estate investment trust’s stock valued at $103,012,000 after acquiring an additional 369,931 shares during the period. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

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.