Macerich (NYSE:MAC) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Macerich shares moved above their 200-day moving average, reaching $23.43 before closing near $22.98, signaling improved technical momentum.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $26.19, despite Piper Sandler lowering its target to $26.
• The REIT reported a quarterly loss of $0.10 per share, missing estimates, but exceeded revenue expectations with $249.71 million; it also maintains a $0.17 quarterly dividend, yielding approximately 3%.

Shares of Macerich Company (The) (NYSE:MAC - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $23.27 and traded as high as $23.43. Macerich shares last traded at $22.9750, with a volume of 4,793,114 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MAC. Piper Sandler reduced their target price on shares of Macerich from $30.00 to $26.00 and set an "overweight" rating on the stock in a research report on Monday. Griffin Securities set a $26.00 price target on Macerich in a report on Tuesday, August 18th. Compass Point reiterated a "neutral" rating and issued a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Mizuho set a $28.00 price objective on Macerich in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. raised Macerich from a "neutral" rating to an "overweight" rating and set a $26.00 price objective on the stock in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.19.

Macerich Stock Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a 50 day moving average price of $23.27 and a 200 day moving average price of $23.27. The stock has a market cap of $6.51 billion, a PE ratio of -35.35, a price-to-earnings-growth ratio of 1.68 and a beta of 2.10.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The business had revenue of $249.71 million during the quarter, compared to analysts' expectations of $239.77 million. During the same period last year, the company earned $0.33 earnings per share. The firm's revenue was up .0% compared to the same quarter last year. As a group, research analysts forecast that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, September 14th were issued a $0.17 dividend. The ex-dividend date was Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. Macerich's payout ratio is currently -104.62%.

Insider Activity at Macerich

In other news, CAO Christopher Zecchini sold 2,740 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the completion of the sale, the chief accounting officer owned 847 shares of the company's stock, valued at approximately $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On Macerich

Several institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP bought a new position in Macerich in the second quarter worth approximately $1,476,000. Quantinno Capital Management LP lifted its holdings in Macerich by 165.6% during the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust's stock worth $2,656,000 after buying an additional 87,626 shares during the period. Wealth Science Advisors LLC purchased a new stake in Macerich during the second quarter worth $1,051,000. Bank of New York Mellon Corp bought a new stake in Macerich during the 2nd quarter valued at $59,962,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Macerich by 16,284.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust's stock valued at $45,525,000 after acquiring an additional 1,796,223 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

About Macerich

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich's properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.

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