Macerich (NYSE:MAC) Hits New 12-Month High – Should You Buy?

The Macerich Company (NYSE:MAC)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $20.00 and last traded at $19.85, with a volume of 4930 shares. The stock had previously closed at $18.94.

Wall Street Analyst Weigh In

MAC has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Piper Sandler increased their price target on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Evercore ISI boosted their price target on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group raised their target price on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Four analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.84.

Macerich Trading Down 2.5 %

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 fifty day moving average of $17.42 and a two-hundred day moving average of $15.98. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -57.39, a price-to-earnings-growth ratio of 0.61 and a beta of 2.50.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio is -206.05%.

Institutional Trading of Macerich

Hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in Macerich by 152.2% in the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 933 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Macerich during the 1st quarter worth about $46,000. Quest Partners LLC acquired a new stake in shares of Macerich during the 2nd quarter valued at about $50,000. GAMMA Investing LLC increased its stake in Macerich by 40.9% in the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 933 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Macerich in the second quarter worth about $129,000. Institutional investors own 87.38% of the company’s stock.

About Macerich

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.