Macerich (NYSE:MAC) Sets New 1-Year High on Analyst Upgrade

The Macerich Company (NYSE:MAC) reached a new 52-week high during mid-day trading on Friday after Bank of America raised their price target on the stock from $17.00 to $19.00. Bank of America currently has a neutral rating on the stock. Macerich traded as high as $18.34 and last traded at $18.27, with a volume of 95410 shares changing hands. The stock had previously closed at $17.78.

Several other brokerages also recently issued reports on MAC. Evercore ISI boosted their target price on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. The Goldman Sachs Group boosted their target price on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Piper Sandler boosted their target price on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. Finally, StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Macerich currently has an average rating of “Hold” and a consensus target price of $15.84.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Macerich by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock valued at $597,400,000 after acquiring an additional 193,787 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Macerich by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock worth $49,675,000 after purchasing an additional 126,192 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Macerich by 10.4% in the second quarter. Renaissance Technologies LLC now owns 1,233,600 shares of the real estate investment trust’s stock worth $19,047,000 after purchasing an additional 116,200 shares in the last quarter. Wellington Management Group LLP bought a new stake in Macerich in the fourth quarter worth $18,938,000. Finally, Russell Investments Group Ltd. boosted its holdings in Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after purchasing an additional 1,108,770 shares in the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Price Performance

The stock has a market capitalization of $3.92 billion, a P/E ratio of -54.94, a PEG ratio of 0.60 and a beta of 2.50. The stock’s fifty day moving average is $16.20 and its 200-day moving average is $15.70. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.86 and a quick ratio of 0.86.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 19th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend was Monday, August 19th. Macerich’s dividend payout ratio is presently -206.05%.

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.