Macerich (NYSE:MAC) Hits New 52-Week High – Should You Buy?

The Macerich Company (NYSE:MAC)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $19.00 and last traded at $18.98, with a volume of 467169 shares changing hands. The stock had previously closed at $18.49.

Wall Street Analyst Weigh In

MAC has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Piper Sandler raised 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. Bank of America raised their price target on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Evercore ISI raised their price target on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Macerich currently has an average rating of “Hold” and an average price target of $15.84.

Macerich Stock Down 2.0 %

The stock has a fifty day moving average price of $17.24 and a 200-day moving average price of $15.91. The firm has a market cap of $3.96 billion, a PE ratio of -55.51, a PEG ratio of 0.63 and a beta of 2.50. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.86 and a current ratio of 0.86.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Tuesday, November 12th. Macerich’s dividend payout ratio is presently -206.05%.

Institutional Trading of Macerich

Several large investors have recently added to or reduced their stakes in MAC. Blue Trust Inc. grew its position in shares of Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 933 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Macerich during the first quarter valued at approximately $46,000. Quest Partners LLC acquired a new stake in shares of Macerich during the 2nd quarter worth approximately $50,000. GAMMA Investing LLC lifted its holdings in shares of Macerich by 40.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 933 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Macerich in the 2nd quarter worth approximately $129,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.