Macerich (NYSE:MAC) Sets New 1-Year High - Should You Buy?

Key Points

• Macerich shares reached a new 52-week high, trading as high as $26.39 and closing near $26.20, up 2.1%. Analysts have a consensus “Moderate Buy” rating with an average price target of $25.33.
• The REIT exceeded quarterly expectations, reporting $0.34 in earnings per share versus the $0.31 consensus estimate and revenue of $241.54 million, though revenue declined 3.1% year over year and profitability metrics remained negative.
• Macerich paid a quarterly dividend of $0.17, equal to $0.68 annually and a 2.6% yield. Institutional investors and hedge funds own 87.38% of the company’s outstanding shares.

Shares of Macerich Company (The) (NYSE:MAC - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $26.39 and last traded at $26.20, with a volume of 67568 shares trading hands. The stock had previously closed at $25.83.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Compass Point reaffirmed a "neutral" rating and issued a $26.00 price objective (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Mizuho increased their price target on Macerich from $23.00 to $24.00 and gave the company an "outperform" rating in a research report on Friday, May 15th. JPMorgan Chase & Co. raised shares of Macerich from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $23.00 to $25.00 in a research report on Wednesday, June 17th. Morgan Stanley boosted their target price 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. Finally, KeyCorp increased their price target on Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.33.

Macerich Stock Up 2.1%

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The business's fifty day moving average price is $24.21 and its 200 day moving average price is $21.32. The company has a market capitalization of $7.48 billion, a P/E ratio of -37.14, a P/E/G ratio of 1.82 and a beta of 2.06.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The company had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. During the same period in the prior year, the company posted $0.33 EPS. The company's revenue was down 3.1% compared to the same quarter last year. As a group, equities research analysts predict that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Announces Dividend

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

Hedge Funds Weigh In On Macerich

Large investors have recently modified their holdings of the stock. Handelsbanken Fonder AB increased its holdings in shares of Macerich by 17.0% in the second quarter. Handelsbanken Fonder AB now owns 90,356 shares of the real estate investment trust's stock valued at $2,276,000 after purchasing an additional 13,100 shares in the last quarter. Wealth Science Advisors LLC acquired a new stake in shares of Macerich during the second quarter worth $1,051,000. GAMMA Investing LLC boosted its holdings in Macerich by 16.3% during the second quarter. GAMMA Investing LLC now owns 9,056 shares of the real estate investment trust's stock worth $228,000 after buying an additional 1,270 shares during the last quarter. Bank of America Corp DE grew its holdings in Macerich by 117.7% during the first quarter. Bank of America Corp DE now owns 2,240,478 shares of the real estate investment trust's stock valued at $42,345,000 after purchasing an additional 1,211,091 shares during the period. Finally, Kentucky Retirement Systems acquired a new position in shares of Macerich in the 1st quarter valued at $219,000. 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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