Macerich (NYSE:MAC) Sees Strong Trading Volume – Still a Buy?

Shares of The Macerich Company (NYSE:MAC) saw an uptick in trading volume on Friday . 5,026,377 shares were traded during 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 subject of several analyst reports. Bank of America upped their price objective on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Evercore ISI boosted their price objective on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Compass Point lifted their target price on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research report on Thursday, September 19th. Finally, Piper Sandler boosted their price objective on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. Five 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, the stock has an average rating of “Hold” and an average price target of $16.40.

Macerich Stock Up 0.3 %

The business has a 50-day moving average of $18.71 and a 200 day moving average of $16.52. 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 company has a market capitalization of $4.78 billion, a PE ratio of 54.23, a P/E/G ratio of 0.72 and a beta of 2.50.

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

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.21%. Macerich’s payout ratio is currently 174.36%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MAC. Blue Trust Inc. boosted its holdings in shares of Macerich by 152.2% in the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 933 shares during the period. Quest Partners LLC purchased a new stake in shares of Macerich during the 2nd quarter valued at $50,000. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Macerich during the 2nd quarter valued at $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 purchasing an additional 2,161 shares during the last quarter. Institutional investors 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.