Macerich (NYSE:MAC) Hits New 52-Week High – Still a Buy?

Shares of Macerich Company (The) (NYSE:MAC) reached a new 52-week high during trading on Monday . The company traded as high as $20.85 and last traded at $20.5550, with a volume of 185862 shares. The stock had previously closed at $20.30.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $21.00 price objective on shares of Macerich in a report on Monday, December 15th. Truist Financial raised their price target on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Scotiabank increased their price objective on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.20.

Macerich Trading Down 0.4%

The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.03. The firm’s 50 day moving average price is $18.68 and its 200 day moving average price is $17.94. The stock has a market capitalization of $5.18 billion, a P/E ratio of -26.27, a P/E/G ratio of 4.51 and a beta of 2.16.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The business had revenue of $261.70 million for the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. As a group, equities research analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 16th. This represents a $0.68 annualized dividend and a dividend yield of 3.4%. Macerich’s payout ratio is currently -88.31%.

Institutional Investors Weigh In On Macerich

Several hedge funds have recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Macerich by 2.4% during the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after buying an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Macerich by 17.7% in the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after acquiring an additional 2,034,338 shares during the period. Geode Capital Management LLC lifted its stake in shares of Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after purchasing an additional 70,132 shares during the period. Centersquare Investment Management LLC raised its position 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 worth $117,307,000 after acquiring an additional 3,808,336 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Macerich by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock worth $93,030,000 after purchasing an additional 123,769 shares during the period. 87.38% of the stock is currently owned by institutional investors.

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.