Macerich (NYSE:MAC) Upgraded at Truist Financial

Truist Financial upgraded shares of Macerich (NYSE:MAC) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, MarketBeat reports. The firm currently has $19.00 price target on the real estate investment trust’s stock.

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

Macerich Stock Down 3.1 %

NYSE:MAC opened at $13.88 on Thursday. Macerich has a 1-year low of $12.48 and a 1-year high of $22.27. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 0.71 and a beta of 2.17. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The business’s fifty day moving average price is $17.75 and its 200 day moving average price is $19.00.

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 given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 4.90%. Macerich’s payout ratio is currently -86.08%.

Hedge Funds Weigh In On Macerich

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Macerich by 13.2% in the 4th quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock valued at $769,260,000 after buying an additional 4,503,509 shares during the last quarter. FMR LLC boosted its holdings in Macerich by 87.3% during the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust’s stock valued at $439,192,000 after acquiring an additional 10,274,895 shares during the period. Wellington Management Group LLP grew its position in shares of 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 purchasing an additional 8,988,665 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 worth $119,573,000 after purchasing an additional 574,490 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Macerich by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,171,300 shares of the real estate investment trust’s stock worth $103,012,000 after purchasing an additional 369,931 shares during the period. 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.