Macerich (NYSE:MAC) Sees Unusually-High Trading Volume – Should You Buy?

The Macerich Company (NYSE:MAC) shares saw unusually-high trading volume on Friday . Approximately 5,026,377 shares traded hands during mid-day trading, an increase of 172% from the previous session’s volume of 1,846,414 shares.The stock last traded at $21.21 and had previously closed at $21.15.

Wall Street Analysts Forecast Growth

MAC has been the topic of several analyst reports. The Goldman Sachs Group raised their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. 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 note on Tuesday, September 3rd. Evercore ISI raised their price target on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Finally, Bank of America raised their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Macerich has a consensus rating of “Hold” and a consensus price target of $16.40.

Macerich Stock Up 0.3 %

The stock has a market capitalization of $4.78 billion, a P/E ratio of 54.39, a PEG ratio of 0.72 and a beta of 2.50. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The stock’s fifty day moving average is $18.78 and its two-hundred day moving average is $16.56.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same period in the prior year, the business posted $0.44 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, research analysts predict that The Macerich Company will post 1.59 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors 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 yield of 3.21%. The ex-dividend date is Tuesday, November 12th. Macerich’s dividend payout ratio is 174.36%.

Hedge Funds Weigh In On Macerich

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake 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 period. Quest Partners LLC acquired a new stake in shares of Macerich during the 2nd quarter valued at $50,000. GAMMA Investing LLC boosted its stake in shares of Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after buying an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Macerich during the 2nd quarter valued at $129,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Macerich by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2,161 shares during the period. Institutional investors and hedge funds 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.