Macerich (NYSE:MAC) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Macerich Company (The) (NYSE:MAC) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.47 and traded as high as $18.80. Macerich shares last traded at $18.46, with a volume of 1,184,381 shares traded.

Wall Street Analyst Weigh In

MAC has been the topic of a number of recent research reports. Bank of America upgraded Macerich from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 26th. Truist Financial lowered their price objective on Macerich from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, December 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Scotiabank raised their price target on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Finally, Evercore ISI raised their target price on Macerich from $18.00 to $20.00 and gave the company an “in-line” rating in a research report on Monday, September 15th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Macerich presently has a consensus rating of “Hold” and a consensus target price of $19.40.

Macerich Stock Performance

The stock has a market cap of $4.73 billion, a PE ratio of -11.61, a P/E/G ratio of 3.54 and a beta of 2.06. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.97. The company has a fifty day moving average price of $17.85 and a 200 day moving average price of $17.47.

Macerich (NYSE:MAC) last released its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analysts’ expectations of $246.77 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. Macerich’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. Analysts expect that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 15th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.68 annualized dividend and a yield of 3.7%. Macerich’s payout ratio is presently -42.77%.

Institutional Trading of Macerich

A number of institutional investors and hedge funds have recently modified their holdings of MAC. Triumph Capital Management bought a new position in Macerich during the third quarter valued at approximately $33,000. Fifth Third Bancorp grew its holdings in Macerich by 47.7% during the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 972 shares in the last quarter. Danske Bank A S bought a new stake in Macerich in the third quarter worth $56,000. GAMMA Investing LLC raised its stake in Macerich by 14.8% during the third quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 691 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Macerich by 16.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 858 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

About Macerich

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.