Macerich (NYSE:MAC) Rating Increased to Buy at Truist Financial

Macerich (NYSE:MAC) was upgraded by equities researchers at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat reports. The brokerage currently has a $19.00 target price on the real estate investment trust’s stock. Truist Financial’s price objective suggests a potential upside of 36.87% from the stock’s previous close.

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

Macerich Stock Performance

MAC opened at $13.88 on Thursday. The firm’s fifty day simple moving average is $17.75 and its two-hundred day simple moving average is $19.00. Macerich has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a market cap 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 quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Institutional Trading of Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in MAC. Quantbot Technologies LP acquired a new position in Macerich in the fourth quarter valued at approximately $30,000. Lazard Asset Management LLC acquired a new position in shares of Macerich in the 4th quarter valued at $45,000. Blue Trust Inc. grew its holdings in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,064 shares during the period. State of Wyoming acquired a new stake in shares of Macerich during the 4th quarter worth about $55,000. Finally, Smartleaf Asset Management LLC raised its holdings in Macerich by 314.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock valued at $69,000 after buying an additional 2,630 shares during the period. Institutional investors and hedge funds 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.