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

Macerich Company (The) (NYSE:MAC)’s stock price hit a new 52-week high on Friday . The company traded as high as $26.16 and last traded at $26.1670, with a volume of 98315 shares. The stock had previously closed at $25.83.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a research report on Friday, May 15th. Morgan Stanley raised their price objective on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 18th. Citigroup upgraded Macerich from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $24.00 to $28.00 in a report on Tuesday, June 23rd. Scotiabank boosted their target price on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Finally, JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and upped their target price for the company from $23.00 to $25.00 in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.14.

Macerich Stock Performance

The firm’s 50 day simple moving average is $23.77 and its 200-day simple moving average is $21.02. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of -36.61, a P/E/G ratio of 1.69 and a beta of 2.06. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS 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 business had revenue of $241.54 million during the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter last year, the firm posted $0.33 earnings per share. Macerich’s revenue was down 3.1% compared to the same quarter last year. Analysts expect that Macerich Company will post 1.48 EPS for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a dividend of $0.17 per share. The ex-dividend date was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. Macerich’s dividend payout ratio (DPR) is presently -95.77%.

Hedge Funds Weigh In On Macerich

A number of large investors have recently made changes to their positions in MAC. State Street Corp lifted its position in shares of Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after purchasing an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after purchasing an additional 2,034,338 shares during the period. Geode Capital Management LLC grew its position in Macerich by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock valued at $122,008,000 after purchasing an additional 70,132 shares in the last quarter. Centersquare Investment Management LLC grew its position in Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after purchasing an additional 3,808,336 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Macerich by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock valued at $93,030,000 after buying an additional 123,769 shares during the period. Institutional investors and hedge funds 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.