Macerich (NYSE:MAC) Sets New 12-Month High – Here’s Why

The Macerich Company (NYSE:MAC)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $20.00 and last traded at $19.85, with a volume of 4930 shares traded. The stock had previously closed at $18.94.

Wall Street Analysts Forecast Growth

MAC has been the topic of several recent research reports. Piper Sandler raised their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Thursday. The Goldman Sachs Group lifted their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Bank of America raised their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Finally, Compass Point upped their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday. Five research 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. According to data from MarketBeat, Macerich presently has an average rating of “Hold” and a consensus price target of $16.40.

Macerich Stock Performance

The company’s 50-day moving average is $17.55 and its two-hundred day moving average is $16.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. The company has a market cap of $4.17 billion, a P/E ratio of -58.50, a price-to-earnings-growth ratio of 0.62 and a beta of 2.50.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio is currently -206.05%.

Institutional Investors Weigh In On Macerich

A number of hedge funds have recently modified their holdings of the stock. Smead Capital Management Inc. grew its holdings in Macerich by 3.5% during the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after purchasing an additional 688,790 shares during the period. Quest Partners LLC grew its stake in shares of Macerich by 851.9% during the 3rd quarter. Quest Partners LLC now owns 30,529 shares of the real estate investment trust’s stock worth $557,000 after acquiring an additional 27,322 shares during the period. Metis Global Partners LLC increased its holdings in Macerich by 31.1% in the 3rd quarter. Metis Global Partners LLC now owns 22,242 shares of the real estate investment trust’s stock worth $406,000 after acquiring an additional 5,280 shares during the last quarter. Victory Capital Management Inc. raised its stake in Macerich by 7.7% in the 3rd quarter. Victory Capital Management Inc. now owns 89,058 shares of the real estate investment trust’s stock valued at $1,624,000 after acquiring an additional 6,346 shares during the period. Finally, Versor Investments LP purchased a new stake in Macerich during the third quarter valued at about $516,000. Institutional investors own 87.38% of the company’s stock.

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.