Macerich (NYSE:MAC) Sees Large Volume Increase – Still a Buy?

Macerich Company (The) (NYSE:MAC) shares saw unusually-high trading volume on Friday . Approximately 3,159,804 shares were traded during mid-day trading, an increase of 14% from the previous session’s volume of 2,771,691 shares.The stock last traded at $24.1940 and had previously closed at $23.49.

Wall Street Analyst Weigh In

MAC has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. The Goldman Sachs Group lifted their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research note on Friday, May 15th. Evercore set a $25.00 price objective on shares of Macerich in a research report on Thursday. JPMorgan Chase & Co. upgraded Macerich from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $23.00 to $25.00 in a research note on Wednesday, June 17th. Finally, Weiss Ratings downgraded Macerich from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.67.

Macerich Stock Performance

The stock has a market cap of $6.89 billion, a price-to-earnings ratio of -37.47, a P/E/G ratio of 1.79 and a beta of 2.07. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The company has a 50 day simple moving average of $24.81 and a 200 day simple moving average of $21.78.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million during 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 earnings per share. As a group, equities research analysts forecast that Macerich Company will post 1.49 EPS for the current 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 given a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. Macerich’s dividend payout ratio (DPR) is currently -104.62%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its holdings in shares of Macerich by 76.8% during 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 in the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. grew its position in Macerich by 80.4% during the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 684 shares during the last quarter. Triumph Capital Management bought a new stake in Macerich during the 3rd quarter worth $33,000. Finally, Salomon & Ludwin LLC increased its holdings in Macerich by 156.6% in the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 1,336 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

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.