Truist Financial Cuts Macerich (NYSE:MAC) Price Target to $19.00

Macerich (NYSE:MAC) had its target price cut by stock analysts at Truist Financial from $23.00 to $19.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the real estate investment trust’s stock. Truist Financial’s price objective indicates a potential upside of 10.36% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $14.00 to $22.00 in a research report on Wednesday, December 4th. Jefferies Financial Group raised shares of Macerich from a “hold” rating to a “buy” rating and raised their target price for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Piper Sandler reduced their price objective 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. 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 report on Monday, March 10th. Finally, Morgan Stanley upgraded Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 target price on the stock in a report on Wednesday, January 15th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.45.

Macerich Stock Performance

Shares of Macerich stock opened at $17.22 on Tuesday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a 50 day simple moving average of $18.98 and a 200 day simple moving average of $19.21. Macerich has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The firm has a market cap of $4.35 billion, a P/E ratio of 44.15, a P/E/G ratio of 0.71 and a beta of 2.62.

Institutional Investors Weigh In On Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cerity Partners LLC grew its stake in shares of Macerich by 21.9% during the 3rd quarter. Cerity Partners LLC now owns 31,368 shares of the real estate investment trust’s stock worth $572,000 after acquiring an additional 5,642 shares in the last quarter. FMR LLC lifted its position in Macerich by 12,475.9% during the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock worth $214,738,000 after buying an additional 11,679,276 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Macerich by 7.2% during the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 902 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Macerich by 399.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock valued at $28,206,000 after acquiring an additional 1,236,983 shares in the last quarter. Finally, Bamco Inc. NY increased its position in shares of Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock valued at $30,924,000 after acquiring an additional 1,494,145 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.