Macerich (NYSE:MAC) Sets New 12-Month Low – What’s Next?

The Macerich Company (NYSE:MAC) shares 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 traded. The stock had previously closed at $13.24.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MAC shares. JPMorgan Chase & Co. decreased their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. Scotiabank reduced their target price 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. Morgan Stanley lowered 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. Truist Financial decreased their target price on shares of Macerich from $23.00 to $19.00 and set a “hold” rating on the stock in a research note on Tuesday, April 1st. Finally, Piper Sandler cut 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. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Macerich currently has an average rating of “Hold” and a consensus price target of $19.37.

Macerich Stock Up 12.2 %

The company has a market cap of $3.75 billion, a PE ratio of 37.98, a PEG ratio of 0.71 and a beta of 2.17. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a fifty day simple moving average of $18.24 and a 200 day simple moving average of $19.10.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were given 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 4.58%. Macerich’s dividend payout ratio (DPR) is -86.08%.

Institutional Investors Weigh In On Macerich

Institutional investors and hedge funds have recently modified their holdings of the stock. CIBC Private Wealth Group LLC lifted its position in shares of Macerich by 9.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 512 shares during the last quarter. M&T Bank Corp grew its position in shares of Macerich by 2.8% during the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after acquiring an additional 543 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Macerich by 5.7% in 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 purchasing an additional 665 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its position in Macerich by 0.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock worth $5,029,000 after purchasing an additional 700 shares during the last quarter. Finally, Custom Index Systems LLC raised its holdings in shares of Macerich by 8.7% during the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust’s stock valued at $232,000 after buying an additional 928 shares during the last quarter. Hedge funds and other 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.