Macerich (NYSE:MAC) Hits New 52-Week High Following Analyst Upgrade

The Macerich Company (NYSE:MAC)’s stock price hit a new 52-week high during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $13.00 to $14.60. The Goldman Sachs Group currently has a sell rating on the stock. Macerich traded as high as $17.73 and last traded at $17.67, with a volume of 3170213 shares trading hands. The stock had previously closed at $17.27.

Several other equities research analysts also recently weighed in on MAC. Evercore ISI raised their price objective on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a report on Wednesday, August 28th. StockNews.com upgraded Macerich from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Finally, Piper Sandler upped their price objective on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.45.

Institutional Trading of Macerich

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Macerich by 11.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,610 shares of the real estate investment trust’s stock valued at $272,000 after purchasing an additional 1,805 shares during the last quarter. Norges Bank bought a new stake in Macerich during the fourth quarter valued at $22,210,000. PNC Financial Services Group Inc. grew its holdings in Macerich by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 19,322 shares of the real estate investment trust’s stock worth $298,000 after acquiring an additional 1,333 shares during the period. Corient Private Wealth LLC raised its position in shares of Macerich by 227.2% in the 4th quarter. Corient Private Wealth LLC now owns 43,584 shares of the real estate investment trust’s stock worth $673,000 after acquiring an additional 30,264 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Macerich in the 4th quarter valued at about $41,000. 87.38% of the stock is currently owned by institutional investors.

Macerich Trading Up 2.2 %

The firm has a 50-day moving average of $15.67 and a 200 day moving average of $15.56. The company has a market cap of $3.81 billion, a P/E ratio of -11.31, a price-to-earnings-growth ratio of 0.53 and a beta of 2.49. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 19th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Monday, August 19th. Macerich’s dividend payout ratio (DPR) is -43.59%.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.