Caisse DE Depot ET Placement DU Quebec raised its holdings in Macerich Co (NYSE:MAC) by 77.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,069 shares of the real estate investment trust’s stock after buying an additional 12,250 shares during the quarter. Caisse DE Depot ET Placement DU Quebec’s holdings in Macerich were worth $1,595,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MAC. Commonwealth Bank of Australia grew its holdings in Macerich by 737.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 1,585 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Macerich by 9,246.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after purchasing an additional 2,589 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Macerich during the 2nd quarter worth approximately $207,000. ING Groep NV acquired a new stake in shares of Macerich during the 2nd quarter worth approximately $219,000. Finally, Gideon Capital Advisors Inc. acquired a new stake in shares of Macerich during the 2nd quarter worth approximately $234,000. 96.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MAC stock opened at $56.51 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $8.03 billion, a P/E ratio of 14.38, a P/E/G ratio of 2.31 and a beta of 0.80. Macerich Co has a one year low of $52.45 and a one year high of $69.73.
Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.91). The company had revenue of $234.50 million during the quarter, compared to analyst estimates of $216.37 million. Macerich had a net margin of 2.52% and a return on equity of 1.58%. Macerich’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 EPS. research analysts expect that Macerich Co will post 3.91 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 7th. Investors of record on Friday, August 17th were paid a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 5.24%. The ex-dividend date was Thursday, August 16th. Macerich’s dividend payout ratio is 75.32%.
Several brokerages have recently weighed in on MAC. Zacks Investment Research lowered Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Morgan Stanley decreased their price objective on Macerich from $62.00 to $58.00 and set an “equal weight” rating on the stock in a report on Thursday, June 14th. Goldman Sachs Group raised Macerich from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $52.00 to $64.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Barclays lifted their price objective on Macerich from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 31st. Finally, BMO Capital Markets set a $66.00 price objective on Macerich and gave the stock a “buy” rating in a report on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Macerich presently has a consensus rating of “Hold” and a consensus price target of $64.47.
Macerich Company Profile
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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