Macerich (NYSE:MAC) Sees Strong Trading Volume - Here's Why

Key Points

• Macerich shares rose 3.5% to about $24.19, while trading volume increased 14% to roughly 3.16 million shares.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $25.67 after several firms raised their targets or ratings.
• The REIT missed quarterly EPS estimates, reporting a loss of $0.10 per share versus expectations of a $0.05 loss, but revenue of $249.7 million exceeded forecasts. Macerich also declared a quarterly dividend of $0.17 per share, implying a 2.8% yield.

Macerich Company (The) (NYSE:MAC - Get Free Report) shares saw an uptick in trading volume on Friday . Approximately 3,159,804 shares traded hands during mid-day trading, an increase of 14% from the previous session's volume of 2,771,691 shares.The stock last traded at $24.1940 and had previously closed at $23.49.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MAC shares. Jefferies Financial Group upgraded shares of Macerich to a "strong-buy" rating in a research report on Friday, June 26th. Piper Sandler upped their target price on Macerich from $21.00 to $28.00 and gave the company a "neutral" rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. KeyCorp lifted their price target on Macerich from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Finally, Truist Financial boosted their price target on Macerich from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.67.

Macerich Trading Up 3.5%

The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.83. The business's 50-day moving average is $24.81 and its 200 day moving average is $21.78. The firm has a market capitalization of $6.89 billion, a P/E ratio of -37.47, a price-to-earnings-growth ratio of 1.79 and a beta of 2.07.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. During the same period in the prior year, the firm earned $0.33 EPS. The business's revenue for the quarter was up .0% on a year-over-year basis. As a group, analysts anticipate that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, September 14th. Macerich's payout ratio is -104.62%.

Hedge Funds Weigh In On Macerich

Hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its holdings in Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 585 shares in the last quarter. Global Retirement Partners LLC grew its holdings 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 worth $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of Macerich by 80.4% in the fourth 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 period. Triumph Capital Management bought a new position in shares of Macerich in the third quarter worth $33,000. Finally, Salomon & Ludwin LLC raised its stake in Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 1,336 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

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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