Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Macerich Company (The) (NYSE:MAC – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 243,743 shares of the real estate investment trust’s stock, valued at approximately $6,140,000.
Several other institutional investors have also made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in Macerich in the second quarter worth about $39,000. Bank of New York Mellon Corp bought a new stake in shares of Macerich in the 2nd quarter valued at approximately $59,962,000. State of Wyoming bought a new stake in shares of Macerich in the 2nd quarter valued at approximately $1,001,000. Handelsbanken Fonder AB raised its holdings in shares of Macerich by 17.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 90,356 shares of the real estate investment trust’s stock worth $2,276,000 after buying an additional 13,100 shares in the last quarter. Finally, Wealth Science Advisors LLC acquired a new stake in Macerich in the 2nd quarter valued at $1,051,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have issued reports on MAC. Compass Point reiterated 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. KeyCorp increased their target price on shares of Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Scotiabank boosted their price target on shares of Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a research report on Thursday, June 18th. The Goldman Sachs Group upped their price objective on shares of Macerich from $17.00 to $19.00 and gave the stock a “sell” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $23.00 to $25.00 in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Macerich currently has a consensus rating of “Moderate Buy” and an average price target of $25.75.
Macerich Trading Down 1.3%
MAC opened at $24.37 on Friday. The firm has a 50 day simple moving average of $25.04 and a 200 day simple moving average of $22.23. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. Macerich Company has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The company has a market cap of $6.91 billion, a price-to-earnings ratio of -37.49, a price-to-earnings-growth ratio of 1.74 and a beta of 2.07.
Macerich (NYSE:MAC – Get Free Report) 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). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The company had revenue of $249.71 million during the quarter, compared to analyst estimates of $239.77 million. During the same period last year, the company earned $0.33 EPS. The business’s revenue for the quarter was up .0% compared to the same quarter last year. On average, sell-side analysts anticipate that Macerich Company will post 1.49 earnings per share for the current year.
Macerich Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. Macerich’s dividend payout ratio is -104.62%.
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.
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