Macerich (NYSE:MAC) Sees Strong Trading Volume – What’s Next?

Macerich Company (The) (NYSE:MAC) shares saw unusually-strong trading volume on Tuesday . Approximately 1,944,873 shares changed hands during mid-day trading, a decline of 11% from the previous session’s volume of 2,174,859 shares.The stock last traded at $21.7190 and had previously closed at $21.64.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. The Goldman Sachs Group upped their target price on shares of Macerich from $15.00 to $17.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Scotiabank upgraded Macerich from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $19.00 to $22.00 in a research note on Monday, March 30th. Finally, Truist Financial raised their target price on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $20.92.

Macerich Stock Performance

The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty day moving average price is $20.23 and its 200 day moving average price is $18.93. The company has a market cap of $5.67 billion, a PE ratio of -30.57, a P/E/G ratio of 1.51 and a beta of 2.12.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. During the same period in the prior year, the firm posted $0.33 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts predict that Macerich Company will post 1.46 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.68 annualized dividend and a yield of 3.1%. Macerich’s payout ratio is currently -95.77%.

Hedge Funds Weigh In On Macerich

A number of hedge funds and other institutional investors have recently made changes to their positions in MAC. Nordea Investment Management AB purchased a new stake in shares of Macerich during the 3rd quarter worth approximately $5,326,000. Centersquare Investment Management LLC raised its stake in shares of Macerich by 8.9% in the third quarter. Centersquare Investment Management LLC now owns 2,546,325 shares of the real estate investment trust’s stock valued at $46,343,000 after buying an additional 207,395 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Macerich by 39.2% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 388,219 shares of the real estate investment trust’s stock worth $7,066,000 after acquiring an additional 109,413 shares during the period. Triad Investment Management purchased a new stake in Macerich in the 4th quarter worth about $3,820,000. Finally, SG Americas Securities LLC lifted its holdings in Macerich by 1,110.2% during the third quarter. SG Americas Securities LLC now owns 185,832 shares of the real estate investment trust’s stock valued at $3,382,000 after purchasing an additional 170,477 shares during the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

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.