Macerich (NYSE:MAC) Reaches New 1-Year High on Analyst Upgrade

The Macerich Company (NYSE:MAC - Get Free Report)'s stock price hit a new 52-week high during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $13.00 to $14.60. The Goldman Sachs Group currently has a sell rating on the stock. Macerich traded as high as $17.73 and last traded at $17.67, with a volume of 3170213 shares traded. The stock had previously closed at $17.27.

Several other brokerages have also recently commented on MAC. StockNews.com raised Macerich from a "sell" rating to a "hold" rating in a research report on Friday, August 2nd. Evercore ISI boosted their target price on shares of Macerich from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Wednesday, August 28th. Finally, Piper Sandler increased their price target on shares of Macerich from $11.00 to $14.00 and gave the company an "underweight" rating in a research note on Tuesday, September 3rd. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $15.45.

Institutional Trading of Macerich

Several hedge funds and other institutional investors have recently modified their holdings of MAC. Point72 Asia Singapore Pte. Ltd. bought a new stake in Macerich in the 2nd quarter valued at $129,000. Sanctuary Advisors LLC acquired a new stake in shares of Macerich during the second quarter worth $287,000. Algert Global LLC boosted its position in shares of Macerich by 35.0% in the second quarter. Algert Global LLC now owns 158,841 shares of the real estate investment trust's stock valued at $2,453,000 after acquiring an additional 41,141 shares during the period. Millennium Management LLC grew its stake in shares of Macerich by 153.0% in the second quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust's stock valued at $12,227,000 after acquiring an additional 478,930 shares in the last quarter. Finally, DigitalBridge Group Inc. bought a new position in Macerich during the second quarter worth about $1,764,000. Institutional investors own 87.38% of the company's stock.

Macerich Stock Up 2.2 %

The stock's fifty day simple moving average is $15.63 and its 200-day simple moving average is $15.55. The stock has a market cap of $3.81 billion, a P/E ratio of -11.31, a P/E/G ratio of 0.53 and a beta of 2.49. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.86 and a current ratio of 0.86.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Monday, August 19th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date was Monday, August 19th. Macerich's payout ratio is currently -43.59%.

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.