Macerich (NYSE:MAC) Sets New 52-Week High – Here’s What Happened

Macerich Company (The) (NYSE:MAC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $22.72 and last traded at $22.49, with a volume of 1974588 shares trading hands. The stock had previously closed at $22.17.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. KeyCorp set a $25.00 price objective on shares of Macerich and gave the company an “overweight” rating in a research note on Monday, February 23rd. The Goldman Sachs Group raised their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a report on Friday, May 15th. Weiss Ratings raised shares of Macerich from a “sell (d)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Morgan Stanley set a $20.00 target price on shares of Macerich in a report on Tuesday, April 14th. Finally, Evercore set a $22.00 target price on shares of Macerich in a report on Friday, May 8th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.17.

Macerich Trading Up 0.7%

The company’s fifty day moving average is $20.95 and its two-hundred day moving average is $19.36. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of -32.18, a PEG ratio of 1.54 and a beta of 2.12. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm had revenue of $241.54 million for the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. On average, research analysts predict that Macerich Company will post 1.46 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. Macerich’s dividend payout ratio (DPR) is presently -95.77%.

Institutional Trading of Macerich

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in shares of Macerich by 14.7% during the first quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 471 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Macerich by 1.2% in the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock worth $851,000 after purchasing an additional 530 shares during the period. Farther Finance Advisors LLC boosted its holdings in Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 585 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Macerich by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock worth $455,000 after purchasing an additional 622 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Macerich by 1.7% in the third quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock valued at $678,000 after buying an additional 627 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

About Macerich

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.