Macerich (NYSE:MAC) Shares Gap Up – Should You Buy?

Macerich Company (The) (NYSE:MAC)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $23.75, but opened at $24.74. Macerich shares last traded at $23.4450, with a volume of 58,827 shares changing hands.

Wall Street Analysts Forecast Growth

MAC has been the topic of a number of research reports. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Compass Point restated a “neutral” rating and set a $26.00 price objective (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. Scotiabank increased their target price on Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Griffin Securities set a $26.00 target price on Macerich in a research note on Tuesday, August 18th. Finally, The Goldman Sachs Group boosted their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.88.

Macerich Trading Down 1.5%

The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -35.98, a PEG ratio of 1.71 and a beta of 2.07. The firm has a 50-day moving average of $25.07 and a 200 day moving average of $22.43.

Macerich (NYSE:MAC) last announced 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 business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The company’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. As a group, equities analysts predict that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 2.9%. Macerich’s dividend payout ratio (DPR) is presently -104.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its position 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 purchasing an additional 471 shares during the period. HighTower Advisors LLC lifted its stake in Macerich by 1.2% during the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock valued at $851,000 after buying an additional 530 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 585 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Macerich by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock worth $455,000 after buying an additional 622 shares during the period. Finally, Osaic Holdings Inc. increased its position in shares of Macerich by 5.5% in the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock worth $224,000 after acquiring an additional 637 shares in the last quarter. Institutional investors and hedge funds 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.