430,485 Shares in Macerich Company (The) $MAC Acquired by Adelante Capital Management LLC

Key Points

• Adelante Capital Management acquired 430,485 Macerich shares worth approximately $8.1 million, while institutional investors and hedge funds collectively owned 87.38% of the REIT.
• Macerich exceeded quarterly expectations, reporting adjusted EPS of $0.34 versus the $0.31 consensus and revenue of $241.54 million, although revenue declined 3.1% year over year.
• Analyst sentiment improved to a consensus “Moderate Buy”, with an average price target of $25.33; the company also maintains a quarterly dividend of $0.17, yielding about 2.6% annually.

Adelante Capital Management LLC acquired a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 430,485 shares of the real estate investment trust's stock, valued at approximately $8,136,000. Adelante Capital Management LLC owned approximately 0.16% of Macerich as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the company. Centersquare Investment Management LLC grew its holdings in shares of Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock valued at $117,307,000 after buying an additional 3,808,336 shares in the last quarter. Norges Bank acquired a new stake in Macerich during the 4th quarter worth about $66,924,000. Resolution Capital Ltd boosted its position in Macerich by 204.0% during the 1st quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust's stock worth $82,861,000 after acquiring an additional 2,941,909 shares during the period. Wellington Management Group LLP grew its stake in Macerich by 139.8% during the 4th quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust's stock valued at $67,855,000 after acquiring an additional 2,142,737 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock valued at $250,242,000 after acquiring an additional 2,034,338 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Price Performance

Shares of MAC opened at $26.52 on Wednesday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $7.52 billion, a PE ratio of -37.36, a PEG ratio of 1.84 and a beta of 2.06. The firm's 50 day moving average price is $24.39 and its 200 day moving average price is $21.43. Macerich Company has a twelve month low of $15.94 and a twelve month high of $26.68.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping the consensus estimate of $0.31 by $0.03. The company had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 earnings per share. As a group, research analysts expect that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were issued a $0.17 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a yield of 2.6%. Macerich's dividend payout ratio is currently -95.77%.

Analyst Ratings Changes

Several research firms recently commented on MAC. Deutsche Bank Aktiengesellschaft upgraded shares of Macerich from a "hold" rating to a "buy" rating and raised their price target for the stock from $20.00 to $27.00 in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Macerich from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. KeyCorp lifted their target price on shares of Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, July 14th. Finally, Mizuho upped their price target on shares of Macerich from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.33.

Macerich Company Profile

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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