Macerich (NYSE:MAC) Hits New 12-Month High – Time to Buy?

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

Analyst Ratings Changes

MAC has been the topic of several research analyst reports. Scotiabank boosted their target price on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Truist Financial boosted their target price on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Jefferies Financial Group reaffirmed a “buy” rating and set a $21.00 price objective on shares of Macerich in a research note on Monday, December 15th. KeyCorp set a $25.00 target price on shares of Macerich and gave the company an “overweight” rating in a research note on Monday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.20.

Macerich Stock Down 0.4%

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

Macerich (NYSE:MAC) last issued its 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). Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The company had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. Macerich’s revenue was down 4.4% on a year-over-year basis. As a group, analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

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

Hedge Funds Weigh In On Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC increased its stake in shares of Macerich by 1.2% during the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock valued at $851,000 after buying an additional 530 shares during the period. Farther Finance Advisors LLC increased its position in Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 585 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Macerich by 2.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 622 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Macerich by 1.7% in the 3rd quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock worth $678,000 after purchasing an additional 627 shares during the period. Finally, Osaic Holdings Inc. boosted its stake in shares of Macerich by 5.5% during the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 637 shares in the last quarter. 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.