Ameriprise Financial Inc. Buys 152,221 Shares of Macerich Company (The) $MAC

Key Points

• Ameriprise Financial Inc. has increased its stake in Macerich Company by 4.6%, now owning 1.36% of the company's shares, valued at approximately $58.9 million.
• Macerich's latest quarterly earnings report showed $0.32 earnings per share (EPS), missing the estimates, but its revenue increased by 15.9% year-over-year.
• The company recently declared a quarterly dividend of $0.17 per share, which represents an annual dividend yield of 3.7%.

Ameriprise Financial Inc. increased its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 4.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,432,879 shares of the real estate investment trust's stock after buying an additional 152,221 shares during the period. Ameriprise Financial Inc. owned 1.36% of Macerich worth $58,943,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MAC. Raymond James Financial Inc. purchased a new stake in shares of Macerich in the 4th quarter worth approximately $450,000. First Trust Advisors LP grew its stake in shares of Macerich by 11.2% in the 4th quarter. First Trust Advisors LP now owns 182,221 shares of the real estate investment trust's stock worth $3,630,000 after buying an additional 18,332 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Macerich by 64.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,155 shares of the real estate investment trust's stock worth $222,000 after buying an additional 4,389 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Macerich by 19.0% in the 4th quarter. Hsbc Holdings PLC now owns 205,382 shares of the real estate investment trust's stock worth $4,090,000 after buying an additional 32,860 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Macerich by 14.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 184,269 shares of the real estate investment trust's stock worth $3,671,000 after buying an additional 22,924 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MAC shares. Wall Street Zen downgraded Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Scotiabank increased their target price on Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday, August 28th. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research note on Thursday, May 22nd. LADENBURG THALM/SH SH started coverage on Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a research note on Wednesday, August 27th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $19.78.

Macerich Stock Performance

Shares of MAC stock traded down $0.29 on Tuesday, reaching $18.12. The stock had a trading volume of 1,188,140 shares, compared to its average volume of 1,649,184. The stock has a market cap of $4.58 billion, a P/E ratio of -10.35, a price-to-earnings-growth ratio of 3.55 and a beta of 2.27. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The company has a 50 day simple moving average of $17.01 and a 200 day simple moving average of $16.49.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The firm had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The business's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the business earned $0.39 earnings per share. Equities research analysts expect that Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is -38.86%.

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.