Macerich (NYSE:MAC) Reaches New 12-Month High at $17.92

The Macerich Company (NYSE:MAC) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $17.92 and last traded at $17.85, with a volume of 402910 shares trading hands. The stock had previously closed at $17.38.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MAC shares. Piper Sandler raised their target price 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. The Goldman Sachs Group increased their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research report on Thursday, September 19th. Evercore ISI increased their price target on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.45.

Macerich Stock Up 2.6 %

The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -11.14, a P/E/G ratio of 0.58 and a beta of 2.49. The firm’s fifty day simple moving average is $15.79 and its 200 day simple moving average is $15.60.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 19th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, August 19th. This represents a $0.68 annualized dividend and a yield of 3.81%. Macerich’s dividend payout ratio (DPR) is currently -43.59%.

Institutional Trading of Macerich

Several hedge funds have recently bought and sold shares of MAC. Norges Bank acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $22,210,000. Wellington Management Group LLP acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $18,938,000. Russell Investments Group Ltd. raised its holdings in shares of Macerich by 1,845.1% in the first 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 purchasing an additional 1,108,770 shares during the last quarter. Sei Investments Co. bought a new position in shares of Macerich in the second quarter valued at $10,625,000. Finally, Millennium Management LLC grew its stake in shares of Macerich by 153.0% in the second quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock valued at $12,227,000 after buying an additional 478,930 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.