Macerich (NYSE:MAC) Stock Price Passes Above 200 Day Moving Average – Here’s Why

Macerich Company (The) (NYSE:MAC)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $17.31 and traded as high as $19.14. Macerich shares last traded at $18.93, with a volume of 802,756 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on MAC. Bank of America upgraded shares of Macerich from a “neutral” rating to a “buy” rating and boosted their price target for the company from $19.00 to $23.00 in a report on Friday, September 26th. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price objective on shares of Macerich in a report on Monday, December 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Evercore ISI increased their target price on Macerich from $18.00 to $20.00 and gave the company an “in-line” rating in a research report on Monday, September 15th. Finally, Truist Financial cut their price target on Macerich from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Five equities research 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. Based on data from MarketBeat, Macerich currently has a consensus rating of “Hold” and a consensus price target of $19.40.

Macerich Stock Performance

The firm’s 50 day moving average is $17.66 and its 200 day moving average is $17.32. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $4.85 billion, a P/E ratio of -11.91, a price-to-earnings-growth ratio of 3.76 and a beta of 2.06.

Macerich (NYSE:MAC) last released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analysts’ expectations of $246.77 million. Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.Macerich’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 earnings per share. Analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 15th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, December 15th. Macerich’s dividend payout ratio is currently -42.77%.

Institutional Investors Weigh In On Macerich

A number of large investors have recently modified their holdings of MAC. Bessemer Group Inc. raised 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 valued at $678,000 after purchasing an additional 627 shares during the last quarter. GAMMA Investing LLC increased its stake in Macerich by 14.8% during the 3rd quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 691 shares in the last quarter. Amalgamated Bank increased its stake in Macerich by 1.0% during the 3rd quarter. Amalgamated Bank now owns 72,575 shares of the real estate investment trust’s stock valued at $1,321,000 after purchasing an additional 741 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Macerich by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 124,535 shares of the real estate investment trust’s stock worth $2,267,000 after buying an additional 787 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares during the period. Hedge funds and other 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.