Truist Financial Upgrades Macerich (NYSE:MAC) to “Buy”

Macerich (NYSE:MAC) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a report released on Thursday, MarketBeat.com reports. The brokerage presently has a $19.00 target price on the real estate investment trust’s stock. Truist Financial’s target price points to a potential upside of 29.64% from the stock’s current price.

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

Macerich Trading Down 1.9 %

MAC stock opened at $14.66 on Thursday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. Macerich has a one year low of $12.48 and a one year high of $22.27. The company’s 50 day moving average price is $18.00 and its two-hundred day moving average price is $19.05. The company has a market capitalization of $3.70 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 0.71 and a beta of 2.17.

Hedge Funds Weigh In On Macerich

Hedge funds have recently bought and sold shares of the stock. Quantinno Capital Management LP bought a new position in shares of Macerich during the third quarter valued at approximately $256,000. XTX Topco Ltd acquired a new position in Macerich during the third quarter worth $816,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Macerich in the third quarter valued at about $1,131,000. Nomura Asset Management Co. Ltd. lifted its stake in Macerich by 0.3% during the third quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock worth $5,029,000 after purchasing an additional 700 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Macerich by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 314,000 shares of the real estate investment trust’s stock valued at $5,727,000 after acquiring an additional 2,322 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.