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

The Macerich Company (NYSE:MAC - Get Free Report)'s share price reached a new 52-week low on Wednesday . The stock traded as low as $12.48 and last traded at $12.81, with a volume of 1490250 shares. The stock had previously closed at $13.24.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a research note on Tuesday, December 17th. They issued a "hold" rating and a $22.00 target price for the company. Piper Sandler lowered their price target on Macerich from $17.00 to $16.00 and set an "underweight" rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. decreased 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. 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. Finally, Scotiabank lowered their price objective on shares of Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a research report on Thursday, March 6th. Four 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $19.37.

Macerich Stock Performance

The stock has a market capitalization of $3.54 billion, a P/E ratio of 35.98, a P/E/G ratio of 0.71 and a beta of 2.17. 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 stock has a 50 day simple moving average of $17.75 and a two-hundred day simple moving average of $19.02.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a dividend of $0.17 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 4.85%. Macerich's payout ratio is -86.08%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MAC. Quantbot Technologies LP acquired a new stake in Macerich in the 4th quarter valued at about $30,000. Lazard Asset Management LLC acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $45,000. Blue Trust Inc. boosted its stake in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock worth $48,000 after acquiring an additional 1,064 shares during the period. State of Wyoming acquired a new position in shares of Macerich during the 4th quarter worth approximately $55,000. Finally, Smartleaf Asset Management LLC boosted its position in Macerich by 314.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust's stock worth $69,000 after purchasing an additional 2,630 shares during the period. Institutional investors own 87.38% of the company's stock.

Macerich Company Profile

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.