Macerich Company (The) (NYSE:MAC) Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Macerich Company by 35.6% during Q1, acquiring an additional 177,183 shares, bringing their total holdings to 674,310 shares valued at approximately $11.6 million.
• Macerich reported earnings of $0.33 per share for the last quarter, exceeding consensus estimates, with a revenue of $249.22 million, reflecting a year-over-year increase of 19.3%.
• The company declared a quarterly dividend of $0.17, representing a yield of 3.85%, although its current dividend payout ratio stands at an unsustainable -158.14%.

Allianz Asset Management GmbH lifted its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 35.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 674,310 shares of the real estate investment trust's stock after buying an additional 177,183 shares during the period. Allianz Asset Management GmbH owned approximately 0.27% of Macerich worth $11,578,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MAC. Raymond James Financial Inc. acquired a new stake in shares of Macerich during the fourth quarter worth about $450,000. Corient Private Wealth LLC purchased a new position in Macerich during the fourth quarter worth about $273,000. Quantbot Technologies LP purchased a new position in Macerich during the fourth quarter worth about $30,000. Sei Investments Co. raised its holdings in Macerich by 27.8% during the fourth quarter. Sei Investments Co. now owns 828,498 shares of the real estate investment trust's stock worth $16,504,000 after purchasing an additional 180,293 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Macerich during the fourth quarter worth about $993,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Wall Street Analyst Weigh In

MAC has been the subject of several analyst reports. Truist Financial increased their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, June 9th. 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 report on Thursday, May 22nd. LADENBURG THALM/SH SH began coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 target price on the stock. Morgan Stanley lowered their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 1st. Finally, Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and reduced their price target for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Three equities research 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. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.26.

Macerich Stock Down 3.8%

Shares of MAC traded down $0.65 during mid-day trading on Wednesday, reaching $16.55. 2,239,654 shares of the stock traded hands, compared to its average volume of 1,377,631. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of -38.49, a P/E/G ratio of 3.32 and a beta of 2.13. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.91. The stock has a fifty day simple moving average of $16.28 and a 200 day simple moving average of $16.99.

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

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.