Macerich (NYSE:MAC) Shares Gap Up – What’s Next?

The Macerich Company (NYSE:MAC) gapped up before the market opened on Tuesday . The stock had previously closed at $20.32, but opened at $21.03. Macerich shares last traded at $20.93, with a volume of 2,972,603 shares traded.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Compass Point lifted their target price on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Piper Sandler boosted their price target on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group lifted their price objective on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Finally, Bank of America increased their target price on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Macerich has an average rating of “Hold” and an average price target of $16.40.

Macerich Stock Up 4.3 %

The stock has a market cap of $4.78 billion, a P/E ratio of 52.10, a PEG ratio of 0.67 and a beta of 2.50. The stock’s fifty day simple moving average is $18.46 and its 200-day simple moving average is $16.41. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. On average, research analysts anticipate that The Macerich Company will post 1.59 earnings per share for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.21%. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Institutional Investors Weigh In On Macerich

Several large investors have recently made changes to their positions in MAC. Smead Capital Management Inc. grew its holdings in Macerich by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after buying an additional 688,790 shares in the last quarter. FMR LLC boosted its position in Macerich by 12,475.9% during the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock worth $214,738,000 after acquiring an additional 11,679,276 shares during the period. Geode Capital Management LLC increased its holdings in shares of Macerich by 0.6% during the third quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock valued at $99,004,000 after purchasing an additional 34,982 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Macerich by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,801,369 shares of the real estate investment trust’s stock valued at $87,577,000 after purchasing an additional 113,128 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Macerich by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock worth $49,675,000 after purchasing an additional 126,192 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

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.