American Assets Investment Management LLC Buys Shares of 574,712 Macerich Company (The) (NYSE:MAC)

Key Points

• American Assets Investment Management LLC has made a new investment of $9.87 million in Macerich Company, acquiring approximately 574,712 shares of the real estate investment trust (REIT).
• Macerich reported a quarterly earnings of $0.33 EPS, surpassing expectations and showing a 19.3% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.17, with an annualized yield of 4.1% and a payout ratio of -158.14%.

American Assets Investment Management LLC acquired a new position in Macerich Company (The) (NYSE:MAC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 574,712 shares of the real estate investment trust's stock, valued at approximately $9,868,000. American Assets Investment Management LLC owned about 0.23% of Macerich as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in MAC. Lazard Asset Management LLC acquired a new position in Macerich during the fourth quarter valued at approximately $45,000. State of Wyoming acquired a new position in Macerich during the fourth quarter valued at approximately $55,000. Signaturefd LLC grew its holdings in Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 862 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in Macerich during the fourth quarter valued at approximately $83,000. Finally, GF Fund Management CO. LTD. acquired a new position in Macerich during the fourth quarter valued at approximately $90,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Price Performance

Shares of NYSE MAC traded up $0.14 during midday trading on Friday, reaching $16.72. 1,977,207 shares of the company traded hands, compared to its average volume of 1,658,791. The firm has a market cap of $4.22 billion, a PE ratio of -38.87, a PEG ratio of 3.20 and a beta of 2.22. The stock's 50-day simple moving average is $16.44 and its 200-day simple moving average is $16.85. Macerich Company has a 12 month low of $12.48 and a 12 month high of $22.27. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.09 and a current ratio of 1.09.

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

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's payout ratio is currently -158.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MAC. Truist Financial raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. LADENBURG THALM/SH SH began coverage on shares of Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective on the stock. Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Finally, Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a research report on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $19.26.

About Macerich

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.