Macerich (NYSE:MAC) Sets New 1-Year High – Here’s Why

Shares of The Macerich Company (NYSE:MAC) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $20.42 and last traded at $20.39, with a volume of 505357 shares. The stock had previously closed at $19.72.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Evercore ISI boosted their price objective on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Compass Point raised their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their price target on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Finally, Piper Sandler raised their price target on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.40.

Macerich Stock Performance

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 stock has a market cap of $4.58 billion, a PE ratio of 52.10, a P/E/G ratio of 0.67 and a beta of 2.50. The business’s 50-day moving average price is $18.46 and its 200-day moving average price is $16.41.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $208.54 million. During the same period in the prior year, the firm posted $0.44 earnings per share. Macerich’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts expect that The Macerich Company will post 1.59 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio is presently 174.36%.

Institutional Trading of Macerich

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in shares of Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 933 shares during the period. Quest Partners LLC acquired a new stake in Macerich during the 2nd quarter worth about $50,000. GAMMA Investing LLC increased its holdings in shares of Macerich by 40.9% in the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich in the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2,161 shares during the period. 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.