Macerich (NYSE:MAC) Shares Gap Up – Time to Buy?

Macerich Company (The) (NYSE:MAC) gapped up before the market opened on Monday . The stock had previously closed at $23.75, but opened at $24.74. Macerich shares last traded at $23.4450, with a volume of 58,827 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently weighed in on MAC shares. Citigroup lifted their target price on Macerich from $28.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Truist Financial raised their price objective on Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Evercore set a $25.00 target price on Macerich in a report on Thursday, August 6th. Morgan Stanley lifted their price target on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, June 18th. Finally, Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.00.

Macerich Stock Performance

The firm has a market capitalization of $6.67 billion, a PE ratio of -36.18, a price-to-earnings-growth ratio of 1.70 and a beta of 2.06. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a 50-day moving average price of $25.04 and a 200-day moving average price of $22.49.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same quarter last year, the business earned $0.33 EPS. Macerich’s revenue for the quarter was up .0% compared to the same quarter last year. On average, research analysts expect that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 14th. Macerich’s payout ratio is -104.62%.

Institutional Trading of Macerich

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Macerich during the 2nd quarter valued at approximately $1,378,836,000. State Street Corp boosted its stake in Macerich by 2.4% during the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after purchasing an additional 351,907 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after buying an additional 2,034,338 shares during the period. California State Teachers Retirement System grew its stake in shares of Macerich by 2,352.6% in the second quarter. California State Teachers Retirement System now owns 7,537,427 shares of the real estate investment trust’s stock worth $189,868,000 after purchasing an additional 7,230,107 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock valued at $122,008,000 after buying an additional 70,132 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

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.