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

Macerich Company (The) (NYSE:MAC) shares hit a new 52-week high on Tuesday . The stock traded as high as $25.72 and last traded at $25.0250, with a volume of 4155773 shares changing hands. The stock had previously closed at $25.45.

Analyst Ratings Changes

MAC has been the subject of several research reports. KeyCorp upped their price objective on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. JPMorgan Chase & Co. increased their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Tuesday, March 10th. Scotiabank increased their price target on shares of Macerich from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a “hold” rating to a “buy” rating and increased their price target for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Finally, Mizuho raised their price objective on shares of Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $22.69.

Macerich Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. The company has a market cap of $6.54 billion, a PE ratio of -35.25, a P/E/G ratio of 1.71 and a beta of 2.10. The business’s fifty day moving average is $22.13 and its 200-day moving average is $19.92.

Macerich (NYSE:MAC) last posted its quarterly earnings data 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. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. As a group, research analysts predict that Macerich Company will post 1.48 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced 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. The ex-dividend date is Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. Macerich’s dividend payout ratio (DPR) is presently -95.77%.

Institutional Investors Weigh In On Macerich

Several institutional investors and hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp raised 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 valued at $69,000 after buying an additional 471 shares during the last quarter. HighTower Advisors LLC increased its position 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 last quarter. Farther Finance Advisors LLC boosted its stake in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 585 shares during the period. PNC Financial Services Group Inc. boosted its stake in Macerich by 2.6% during 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 buying an additional 622 shares during the period. Finally, Osaic Holdings Inc. boosted its stake in Macerich by 5.5% during the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock worth $224,000 after buying an additional 637 shares during the period. 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.