Macerich (NYSE:MAC) Reaches New 52-Week High – Should You Buy?

Macerich Company (The) (NYSE:MAC) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $25.80 and last traded at $25.6230, with a volume of 254791 shares changing hands. The stock had previously closed at $25.41.

Analysts Set New Price Targets

Several research firms have recently commented on MAC. LADENBURG THALM/SH SH increased their price target on shares of Macerich from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Wall Street Zen lowered Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Mizuho increased their target price on Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Scotiabank raised their price target on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Finally, Truist Financial boosted their price target on Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.92.

Macerich Trading Up 0.7%

The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of -36.03, a price-to-earnings-growth ratio of 1.63 and a beta of 2.10. The business’s 50-day moving average price is $22.62 and its two-hundred day moving average price is $20.25.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. Macerich’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 earnings per share. Equities analysts expect that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, June 15th. Macerich’s dividend payout ratio is currently -95.77%.

Institutional Investors Weigh In On Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in MAC. Centersquare Investment Management LLC increased its stake in Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after purchasing an additional 3,808,336 shares during the last quarter. Norges Bank acquired a new stake in Macerich in the 4th quarter worth about $66,924,000. Resolution Capital Ltd boosted its stake in Macerich by 204.0% in the 1st quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock worth $82,861,000 after buying an additional 2,941,909 shares during the last quarter. Wellington Management Group LLP grew its holdings in Macerich by 139.8% in the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock valued at $67,855,000 after buying an additional 2,142,737 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after buying an additional 2,034,338 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.