Macerich (NYSE:MAC) Reaches New 52-Week Low - Here's What Happened

The Macerich Company (NYSE:MAC - Get Free Report)'s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $14.16 and last traded at $14.63, with a volume of 1645337 shares changing hands. The stock had previously closed at $14.68.

Analysts Set New Price Targets

Several research firms recently issued reports on MAC. Morgan Stanley reduced their price target on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group lowered their price target on Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a report on Monday, March 10th. Scotiabank reduced their price objective on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial raised shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 target price for the company in a report on Thursday, April 10th. Finally, Piper Sandler decreased their price target on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $18.95.

Macerich Trading Down 1.4 %

The firm has a 50 day moving average price of $15.98 and a two-hundred day moving average price of $18.65. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 38.39, a PEG ratio of 0.71 and a beta of 2.13.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.54%. Macerich's dividend payout ratio (DPR) is currently -86.08%.

Institutional Investors Weigh In On Macerich

Several large investors have recently modified their holdings of MAC. CIBC Private Wealth Group LLC grew its holdings in Macerich by 9.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock worth $118,000 after acquiring an additional 512 shares during the period. M&T Bank Corp grew its position in shares of Macerich by 2.8% during the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust's stock worth $403,000 after buying an additional 543 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in shares of Macerich by 5.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust's stock valued at $244,000 after acquiring an additional 665 shares during the period. Signaturefd LLC boosted its stake in Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after acquiring an additional 862 shares in the last quarter. Finally, Custom Index Systems LLC grew its holdings in Macerich by 8.7% in the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust's stock worth $232,000 after purchasing an additional 928 shares during the period. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

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.