American Assets Investment Management LLC Acquires New Position in Macerich Company (The) (NYSE:MAC)

Key Points

• American Assets Investment Management LLC has acquired 574,712 shares of Macerich Company (NYSE:MAC), valued at approximately $9.87 million, which represents about 4.1% of its entire portfolio.
• Macerich recently reported better-than-expected quarterly earnings, with earnings per share of $0.33, surpassing estimates of $0.31, alongside a revenue increase of 19.3% year-over-year.
• The consensus rating for Macerich is currently "Hold," with a consensus price target of $19.26, as various analysts have made recent updates to their ratings and price targets.

American Assets Investment Management LLC bought a new stake in Macerich Company (The) (NYSE:MAC - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 574,712 shares of the real estate investment trust's stock, valued at approximately $9,868,000. Macerich accounts for about 4.1% of American Assets Investment Management LLC's investment portfolio, making the stock its 10th biggest holding. American Assets Investment Management LLC owned approximately 0.23% of Macerich as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MAC. TCTC Holdings LLC acquired a new stake in Macerich in the first quarter valued at approximately $1,449,000. Mackenzie Financial Corp lifted its holdings in shares of Macerich by 12.5% during the first quarter. Mackenzie Financial Corp now owns 16,761 shares of the real estate investment trust's stock worth $288,000 after purchasing an additional 1,857 shares during the period. LPL Financial LLC lifted its holdings in shares of Macerich by 1.0% during the first quarter. LPL Financial LLC now owns 545,184 shares of the real estate investment trust's stock worth $9,361,000 after purchasing an additional 5,662 shares during the period. Inspire Advisors LLC bought a new position in Macerich during the first quarter worth $178,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Macerich by 4.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 153,051 shares of the real estate investment trust's stock worth $2,628,000 after buying an additional 6,703 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Stock Performance

NYSE MAC traded up $0.33 during trading hours on Monday, hitting $16.47. 461,423 shares of the company's stock traded hands, compared to its average volume of 2,002,680. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The firm has a market capitalization of $4.16 billion, a P/E ratio of -38.31, a P/E/G ratio of 3.12 and a beta of 2.22. The business's fifty day moving average price is $16.33 and its two-hundred day moving average price is $16.92.

Macerich (NYSE:MAC - Get Free Report) last released its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The firm had revenue of $249.22 million for the quarter, compared to the consensus estimate of $221.61 million. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The company's quarterly revenue was up 19.3% compared to the same quarter last year. Equities research analysts predict that Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. Macerich's payout ratio is -158.14%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MAC. Scotiabank lowered their target price on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and lowered their target price for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a research note on Thursday, May 22nd. Truist Financial lifted their price target on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, LADENBURG THALM/SH SH started coverage on shares of Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price target for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Macerich presently has an average rating of "Hold" and a consensus price target of $19.26.

Macerich 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.