Macerich Company (The) $MAC Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Macerich Company (The) (NYSE:MAC) by 5.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,246,236 shares of the real estate investment trust’s stock after buying an additional 124,596 shares during the period. Bank of New York Mellon Corp’s holdings in Macerich were worth $36,344,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MAC. T. Rowe Price Investment Management Inc. increased its stake in Macerich by 40.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust’s stock worth $105,258,000 after acquiring an additional 1,754,466 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Macerich by 3.6% during the 1st quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust’s stock worth $74,813,000 after purchasing an additional 151,295 shares during the period. PGGM Investments increased its position in Macerich by 15.9% during the 2nd quarter. PGGM Investments now owns 4,022,858 shares of the real estate investment trust’s stock worth $65,090,000 after purchasing an additional 552,194 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Macerich by 4.6% in the first quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust’s stock valued at $58,943,000 after buying an additional 152,221 shares during the period. Finally, Centersquare Investment Management LLC raised its holdings in Macerich by 3.3% in the first quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust’s stock valued at $35,749,000 after buying an additional 66,648 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 27th. LADENBURG THALM/SH SH initiated coverage on Macerich in a report on Friday, July 18th. They issued a “buy” rating and a $25.00 price target for the company. Scotiabank boosted their price objective on Macerich from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 28th. Wall Street Zen lowered Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Finally, Bank of America upgraded Macerich from a “neutral” rating to a “buy” rating and raised their target price for the company from $19.00 to $23.00 in a report on Friday, September 26th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Macerich has a consensus rating of “Hold” and a consensus target price of $19.87.

Macerich Stock Performance

Shares of MAC opened at $17.58 on Thursday. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -10.04, a PEG ratio of 2.96 and a beta of 2.25. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The business’s 50 day moving average is $17.61 and its two-hundred day moving average is $16.84. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $253.26 million during the quarter, compared to the consensus estimate of $246.77 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.During the same quarter last year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. Analysts forecast that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. Macerich’s dividend payout ratio (DPR) is presently -42.77%.

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.