Macerich (NYSE:MAC) Sets New 12-Month High – Here’s What Happened

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

Analyst Ratings Changes

Several research firms have issued reports on MAC. Weiss Ratings upgraded shares of Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Compass Point reiterated a “neutral” rating and set a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday. Scotiabank lifted their price target on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 18th. Truist Financial boosted their target price on shares of Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.00.

Macerich Price Performance

The stock has a 50 day moving average of $22.78 and a two-hundred day moving average of $20.35. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $7.32 billion, a P/E ratio of -36.35, a P/E/G ratio of 1.71 and a beta of 2.10.

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

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, June 15th. Macerich’s dividend payout ratio is currently -95.77%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in Macerich by 117.7% during the first quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust’s stock valued at $42,345,000 after acquiring an additional 1,211,091 shares during the period. Kentucky Retirement Systems acquired a new position in shares of Macerich during the 1st quarter worth about $219,000. Amundi lifted its position in shares of Macerich by 17.2% during the 1st quarter. Amundi now owns 162,916 shares of the real estate investment trust’s stock worth $3,079,000 after purchasing an additional 23,944 shares during the last quarter. Adelante Capital Management LLC bought a new stake in Macerich during the 1st quarter valued at approximately $8,136,000. Finally, California State Teachers Retirement System boosted its stake in Macerich by 26.6% during the 1st quarter. California State Teachers Retirement System now owns 307,320 shares of the real estate investment trust’s stock valued at $5,808,000 after purchasing an additional 64,481 shares during the period. Institutional investors 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.