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

Key Points

• Macerich shares hit a new 52-week high, trading as high as $26.16 during the session and closing just above $26, reflecting strong recent momentum in the stock.
• Analyst sentiment has improved, with multiple firms raising targets or upgrading the stock; Jefferies now rates it a strong-buy, and the consensus rating is Moderate Buy with an average price target of $25.14.
• The REIT beat first-quarter earnings estimates, reporting $0.34 EPS versus $0.31 expected and revenue of $241.54 million, while also paying a quarterly dividend of $0.17 per share for a 2.6% annualized yield.

Macerich Company (The) (NYSE:MAC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $26.16 and last traded at $26.1670, with a volume of 98315 shares changing hands. The stock had previously closed at $25.83.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MAC shares. JPMorgan Chase & Co. upgraded Macerich from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $23.00 to $25.00 in a research note on Wednesday, June 17th. Morgan Stanley raised their price target on shares of Macerich from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 18th. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday. LADENBURG THALM/SH SH lifted their target price on Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Finally, Jefferies Financial Group upgraded Macerich to a "strong-buy" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $25.14.

Macerich Stock Performance

The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -36.61, a PEG ratio of 1.69 and a beta of 2.06. The company's 50 day simple moving average is $23.77 and its 200 day simple moving average is $21.02. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same period in the prior year, the business posted $0.33 EPS. The business's revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, June 15th. Macerich's dividend payout ratio (DPR) is presently -95.77%.

Hedge Funds Weigh In On Macerich

Several hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 585 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 684 shares during the last quarter. Triumph Capital Management acquired a new position in shares of Macerich in the 3rd quarter worth approximately $33,000. Finally, Salomon & Ludwin LLC raised its holdings in shares of Macerich by 156.6% in the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust's stock worth $41,000 after purchasing an additional 1,336 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.

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