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

Macerich Company (The) (NYSE:MAC)’s stock price crossed 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 trading hands.

Analysts Set New Price Targets

Several brokerages have weighed in on MAC. Mizuho set a $28.00 price target on shares of Macerich in a report on Wednesday, August 5th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $21.00 price target on shares of Macerich in a research report on Tuesday, September 1st. Griffin Securities set a $26.00 price objective on Macerich in a report on Tuesday, August 18th. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a report on Friday, June 26th. Finally, Piper Sandler lowered their price objective on Macerich from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Macerich currently has a consensus rating of “Moderate Buy” and an average target price of $26.19.

Macerich Stock Down 0.5%

The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of -35.35, a PEG ratio of 1.67 and a beta of 2.10. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The business’s 50 day moving average is $23.27 and its 200 day moving average is $23.27.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.33 EPS. Sell-side analysts anticipate that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 14th were paid a $0.17 dividend. The ex-dividend date was Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. Macerich’s dividend payout ratio (DPR) is -104.62%.

Insider Transactions at Macerich

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the sale, the chief accounting officer owned 847 shares in the company, valued at approximately $19,718.16. The trade was a 76.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MAC. Fifth Third Bancorp boosted its holdings in shares of Macerich by 14.7% in the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 471 shares during the last quarter. Arizona State Retirement System boosted its holdings in Macerich by 0.7% in the second quarter. Arizona State Retirement System now owns 70,823 shares of the real estate investment trust’s stock valued at $1,784,000 after purchasing an additional 507 shares during the last quarter. Hanover Advisors Inc. boosted its holdings in Macerich by 4.9% in the first quarter. Hanover Advisors Inc. now owns 14,715 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 694 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Macerich by 90.0% in the third quarter. Farther Finance Advisors LLC now owns 1,799 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its position in Macerich by 2.1% during the 1st quarter. IFM Investors Pty Ltd now owns 41,827 shares of the real estate investment trust’s stock worth $791,000 after purchasing an additional 858 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

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.