The Macerich Co. (MAC) Sets New 1-Year High at $90.26
The Macerich Co. (NYSE:MAC) reached a new 52-week high during trading on Friday . The stock traded as high as $90.26 and last traded at $89.76, with a volume of 380,877 shares changing hands. The stock had previously closed at $89.12.
Several equities research analysts have recently commented on the company. Jefferies Group reissued a “hold” rating and issued a $78.00 price objective on shares of The Macerich in a report on Thursday, May 5th. Royal Bank Of Canada raised The Macerich from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $82.00 to $87.00 in a report on Friday, May 6th. They noted that the move was a valuation call. Canaccord Genuity reaffirmed a “hold” rating and set a $80.00 price target on shares of The Macerich in a report on Wednesday, May 4th. Zacks Investment Research downgraded The Macerich from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. Finally, Deutsche Bank AG raised their price target on The Macerich from $83.00 to $84.00 and gave the company a “hold” rating in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $85.50.
The company has a 50-day moving average price of $84.76 and a 200 day moving average price of $79.52. The company has a market cap of $13.25 billion and a P/E ratio of 15.81.
The Macerich (NYSE:MAC) last announced its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.01. The business earned $256 million during the quarter, compared to the consensus estimate of $288.89 million. During the same quarter last year, the company earned $0.79 EPS. The firm’s revenue for the quarter was down 19.6% compared to the same quarter last year. On average, equities analysts expect that The Macerich Co. will post $4.10 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 19th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $2.72 dividend on an annualized basis and a yield of 3.05%.
In other The Macerich news, COO Robert D. Perlmutter sold 1,500 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $85.49, for a total value of $128,235.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hern Thomas E. O sold 5,000 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $74.71, for a total value of $373,550.00. Following the completion of the transaction, the chief financial officer now owns 56,377 shares of the company’s stock, valued at approximately $4,211,925.67. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. BlackRock Advisors LLC increased its position in shares of The Macerich by 93.4% in the fourth quarter. BlackRock Advisors LLC now owns 180,161 shares of the real estate investment trust’s stock worth $14,537,000 after buying an additional 86,990 shares during the period. KBC Group NV boosted its position in shares of The Macerich by 2.5% in the fourth quarter. KBC Group NV now owns 40,113 shares of the real estate investment trust’s stock worth $3,237,000 after buying an additional 983 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of The Macerich by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,950,087 shares of the real estate investment trust’s stock worth $157,356,000 after buying an additional 21,011 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of The Macerich by 95.3% in the fourth quarter. BNP Paribas Arbitrage SA now owns 35,454 shares of the real estate investment trust’s stock worth $2,861,000 after buying an additional 17,305 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC boosted its position in shares of The Macerich by 3.6% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 32,028 shares of the real estate investment trust’s stock worth $2,584,000 after buying an additional 1,100 shares in the last quarter.
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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