Macerich (NYSE:MAC) Share Price Passes Above 200 Day Moving Average – Here’s What Happened
by Tristan Rich · The Markets DailyMacerich Company (The) (NYSE:MAC – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.47 and traded as high as $18.80. Macerich shares last traded at $18.46, with a volume of 1,184,381 shares changing hands.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on MAC. Evercore ISI upped their price target on Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a report on Monday, September 15th. Truist Financial dropped their target price on shares of Macerich from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, December 19th. Scotiabank increased their price target on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, November 13th. Jefferies Financial Group restated a “buy” rating and issued a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Finally, Mizuho set a $21.00 price objective on shares of Macerich in a research report on Friday. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.67.
Get Our Latest Stock Analysis on Macerich
Macerich Price Performance
The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.97. The company’s 50-day moving average is $17.87 and its 200-day moving average is $17.49. The stock has a market cap of $4.69 billion, a price-to-earnings ratio of -11.51, a price-to-earnings-growth ratio of 3.53 and a beta of 2.06.
Macerich (NYSE:MAC – Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $253.26 million during the quarter, compared to the consensus estimate of $246.77 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. Equities research analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.
Macerich Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 15th were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. Macerich’s dividend payout ratio (DPR) is -42.77%.
Institutional Trading of Macerich
Several large investors have recently added to or reduced their stakes in MAC. Royal Bank of Canada boosted its holdings in shares of Macerich by 20.1% in the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after acquiring an additional 13,018 shares in the last quarter. AQR Capital Management LLC raised its position in Macerich by 2.2% in the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Macerich by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after purchasing an additional 13,782 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after purchasing an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after buying an additional 2,983 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.