Macerich (NYSE:MAC) Hits New 12-Month High on Analyst Upgrade

The Macerich Company (NYSE:MAC)’s stock price 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 trading hands. The stock had previously closed at $17.78.

Several other research firms have also recently issued reports on MAC. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Piper Sandler lifted 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. The Goldman Sachs Group upped their target price on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Finally, Evercore ISI lifted their price target on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Macerich has a consensus rating of “Hold” and an average price target of $15.84.

Institutional Trading of Macerich

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

Macerich Price Performance

The firm has a fifty day moving average of $16.20 and a two-hundred day moving average of $15.70. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $3.92 billion, a PE ratio of -54.94, a PEG ratio of 0.60 and a beta of 2.50.

Macerich Dividend Announcement

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