Macerich (NYSE:MAC) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of Macerich Company (The) (NYSE:MAC) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $17.31 and traded as high as $19.14. Macerich shares last traded at $18.93, with a volume of 802,756 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial lowered their price objective on shares of Macerich from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, December 19th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of Macerich in a report on Monday, December 15th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 26th. Scotiabank upped 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 reiterated a “sell (d+)” rating on shares of Macerich in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $19.40.

Macerich Trading Down 0.6%

The company’s 50 day simple moving average is $17.66 and its 200-day simple moving average is $17.31. The firm has a market cap of $4.85 billion, a P/E ratio of -11.91, a P/E/G ratio of 3.78 and a beta of 2.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.97.

Macerich (NYSE:MAC) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. The business had revenue of $253.26 million for the quarter, compared to the consensus estimate of $246.77 million. During the same period in the prior year, the company posted $0.38 EPS. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. As a group, research analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, December 15th. Macerich’s dividend payout ratio (DPR) is -42.77%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC boosted its position in Macerich by 1.4% in the 1st quarter. MetLife Investment Management LLC now owns 152,129 shares of the real estate investment trust’s stock valued at $2,612,000 after buying an additional 2,128 shares during the period. Corebridge Financial Inc. increased its position in shares of Macerich by 3.1% during the first quarter. Corebridge Financial Inc. now owns 130,300 shares of the real estate investment trust’s stock worth $2,237,000 after acquiring an additional 3,934 shares during the period. State of Wyoming raised its stake in shares of Macerich by 376.8% during the first quarter. State of Wyoming now owns 13,140 shares of the real estate investment trust’s stock valued at $226,000 after acquiring an additional 10,384 shares in the last quarter. Quarry LP boosted its holdings in shares of Macerich by 2,691.6% in the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 3,203 shares during the period. Finally, Royal Bank of Canada grew its stake in Macerich by 20.1% in the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares in the last quarter. 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.