Macerich (NYSE:MAC) Sets New 12-Month High After Analyst Upgrade

The Macerich Company (NYSE:MAC) hit a new 52-week high on Friday after The Goldman Sachs Group raised their price target on the stock from $13.00 to $14.60. The Goldman Sachs Group currently has a sell rating on the stock. Macerich traded as high as $17.73 and last traded at $17.67, with a volume of 3170213 shares changing hands. The stock had previously closed at $17.27.

Other research analysts also recently issued reports about the company. StockNews.com raised Macerich from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI upped their target price on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Finally, Piper Sandler increased their target price on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Macerich currently has an average rating of “Hold” and an average target price of $15.45.

Institutional Investors Weigh In On Macerich

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quest Partners LLC bought a new stake in shares of Macerich in the 4th quarter worth $41,000. Fidelis Capital Partners LLC purchased a new stake in Macerich in the 1st quarter valued at about $46,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Macerich during the 2nd quarter worth approximately $129,000. Entropy Technologies LP purchased a new position in shares of Macerich in the 1st quarter worth approximately $194,000. Finally, Inspire Advisors LLC purchased a new position in shares of Macerich in the 2nd quarter worth approximately $177,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Trading Up 2.2 %

The firm has a fifty day moving average price of $15.67 and a 200-day moving average price of $15.56. The company has a market capitalization of $3.81 billion, a P/E ratio of -11.31, a price-to-earnings-growth ratio of 0.53 and a beta of 2.49. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.86 and a quick ratio of 0.86.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 19th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Monday, August 19th. Macerich’s dividend payout ratio is presently -43.59%.

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.