499,198 Shares in Macerich Company (The) $MAC Bought by Adelante Capital Management LLC

Key Points

• Adelante Capital Management purchased 499,198 Macerich shares worth approximately $12.6 million, while institutional investors collectively own 87.38% of the REIT.
• Analyst sentiment improved, with several firms raising price targets; Macerich has a consensus rating of “Moderate Buy” and an average target price of $25.75.
• Macerich reported quarterly revenue of $249.71 million but missed EPS expectations, posting a loss of $0.10 per share. The company declared a quarterly dividend of $0.17 per share, equating to a 2.8% annualized yield.

Adelante Capital Management LLC purchased a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 499,198 shares of the real estate investment trust's stock, valued at approximately $12,575,000. Macerich accounts for about 0.8% of Adelante Capital Management LLC's portfolio, making the stock its 29th biggest holding. Adelante Capital Management LLC owned about 0.18% of Macerich at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Corient Private Wealth LP acquired a new position in shares of Macerich in the second quarter valued at about $2,089,000. Bamco Inc. NY acquired a new stake in shares of Macerich during the second quarter worth about $125,944,000. Bank of America Corp DE acquired a new stake in shares of Macerich during the second quarter worth about $32,987,000. Freestone Grove Partners LP purchased a new stake in Macerich in the second quarter valued at approximately $4,482,000. Finally, Jupiter Topco LLC purchased a new stake in Macerich in the second quarter valued at approximately $2,844,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MAC. Truist Financial increased their price objective on shares of Macerich from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and boosted their target price for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft raised shares of Macerich from a "hold" rating to a "buy" rating and upped their price target for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. Morgan Stanley lifted their price objective on Macerich from $20.00 to $25.00 and gave the company an "equal weight" rating in a research note on Thursday, June 18th. Finally, Scotiabank upped their target price on Macerich from $24.00 to $27.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.75.

Macerich Stock Performance

MAC opened at $24.20 on Thursday. The firm has a fifty day moving average price of $25.06 and a 200 day moving average price of $22.36. Macerich Company has a 1 year low of $16.03 and a 1 year high of $26.67. The stock has a market cap of $6.86 billion, a P/E ratio of -37.23, a P/E/G ratio of 1.74 and a beta of 2.07. 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 (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same quarter in the prior year, the business posted $0.33 EPS. The firm's quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts anticipate that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be given a dividend of $0.17 per share. 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 is currently -104.62%.

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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