Macerich (NYSE:MAC) Sets New 1-Year Low - Time to Sell?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley dropped their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. cut their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday, March 10th. The Goldman Sachs Group dropped their price target on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research note on Monday, March 10th. Truist Financial upgraded shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 price objective on the stock in a report on Thursday, April 10th. Finally, Scotiabank cut their price objective on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $18.95.

Macerich Trading Down 0.4 %

The firm's fifty day simple moving average is $15.88 and its 200 day simple moving average is $18.62. The stock has a market capitalization of $3.77 billion, a P/E ratio of 38.24, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a yield of 4.56%. Macerich's dividend payout ratio is currently -86.08%.

Hedge Funds Weigh In On Macerich

Hedge funds and other institutional investors have recently modified their holdings of the business. Quantbot Technologies LP acquired a new position in Macerich during the fourth quarter worth about $30,000. Lazard Asset Management LLC bought a new position in Macerich in the 4th quarter valued at approximately $45,000. Blue Trust Inc. boosted its position in Macerich by 68.8% in the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after buying an additional 1,064 shares in the last quarter. State of Wyoming bought a new stake in shares of Macerich during the fourth quarter worth $55,000. Finally, Signaturefd LLC increased its holdings in shares of 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 buying an additional 862 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

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.