American Assets Investment Management LLC Purchases New Position in 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 bought a new stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 574,712 shares of the real estate investment trust's stock, valued at approximately $9,868,000. American Assets Investment Management LLC owned 0.23% of Macerich as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Macerich by 87.3% in the 4th quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust's stock worth $439,192,000 after acquiring an additional 10,274,895 shares during the period. Geode Capital Management LLC raised its holdings in shares of Macerich by 10.6% in the 4th quarter. Geode Capital Management LLC now owns 6,001,399 shares of the real estate investment trust's stock worth $119,573,000 after purchasing an additional 574,490 shares in the last quarter. Bamco Inc. NY raised its holdings in shares of Macerich by 175.8% in the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock worth $93,135,000 after purchasing an additional 2,980,051 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Macerich by 1.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,375,857 shares of the real estate investment trust's stock worth $87,168,000 after purchasing an additional 61,017 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Macerich by 56.7% in the 4th quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock worth $83,781,000 after purchasing an additional 1,522,147 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Price Performance

MAC stock traded down $0.47 during mid-day trading on Thursday, reaching $16.54. 1,833,400 shares of the company traded hands, compared to its average volume of 1,655,817. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $4.18 billion, a P/E ratio of -38.47, a P/E/G ratio of 3.28 and a beta of 2.22. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a fifty day moving average price of $16.43 and a 200-day moving average price of $16.87.

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

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be issued a dividend of $0.17 per share. 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 dividend payout ratio is presently -158.14%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MAC shares. Truist Financial upped their price target on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a research report on Thursday, May 22nd. Scotiabank reduced their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Mizuho upgraded 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 research report on Tuesday, June 10th. Finally, Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock 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.