Macerich (NYSE:MAC) Reaches New 12-Month High – Time to Buy?

Macerich Company (The) (NYSE:MAC) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.72 and last traded at $25.0250, with a volume of 4155773 shares trading hands. The stock had previously closed at $25.45.

Analysts Set New Price Targets

Several research firms recently weighed in on MAC. Wall Street Zen downgraded Macerich from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Mizuho boosted their target price on shares of Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Scotiabank upped their price objective on shares of Macerich from $22.00 to $24.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. KeyCorp increased their price target on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a report on Tuesday, March 10th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Macerich presently has a consensus rating of “Hold” and a consensus price target of $22.69.

Macerich Stock Down 1.7%

The stock has a market cap of $6.54 billion, a PE ratio of -35.25, a price-to-earnings-growth ratio of 1.71 and a beta of 2.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The business has a 50-day moving average price of $22.13 and a 200-day moving average price of $19.92.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue was down 3.1% on a year-over-year basis. As a group, analysts forecast that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. Macerich’s dividend payout ratio (DPR) is -95.77%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MAC. Farther Finance Advisors LLC lifted its holdings in Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 585 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in Macerich by 366.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares in the last quarter. Triumph Capital Management purchased a new position in Macerich in the 3rd quarter valued at $33,000. Finally, Salomon & Ludwin LLC lifted its holdings in Macerich by 156.6% in the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 1,336 shares in the last quarter. 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.