Amundi Buys 53,894 Shares of Macerich Company (The) $MAC

Key Points

• Amundi increased its Macerich stake by 33.1% in the second quarter, adding 53,894 shares to own 216,810 shares worth approximately $5.46 million. Institutional investors collectively own 87.38% of the REIT.
• Macerich reported a quarterly loss of $0.10 per share, missing the $0.05 loss estimate, though revenue of $249.71 million exceeded expectations. The company declared a quarterly dividend of $0.17 per share, equivalent to a 3.0% annualized yield.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus rating and an average price target of $26, compared with the stock’s reported opening price of $22.64.

Amundi lifted its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 33.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 216,810 shares of the real estate investment trust's stock after buying an additional 53,894 shares during the period. Amundi owned approximately 0.08% of Macerich worth $5,461,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Global Retirement Partners LLC grew its holdings in shares of Macerich by 366.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 1,095 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 684 shares during the period. Triumph Capital Management bought a new position in shares of Macerich during the third quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Macerich during the second quarter valued at about $36,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Macerich during the fourth quarter worth about $43,000. Institutional investors own 87.38% of the company's stock.

Macerich Stock Up 0.1%

MAC stock opened at $22.64 on Friday. Macerich Company has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of -34.82, a price-to-earnings-growth ratio of 1.63 and a beta of 2.06. The business's 50 day moving average price is $24.66 and its two-hundred day moving average price is $22.70. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The firm had revenue of $249.71 million during the quarter, compared to analysts' expectations of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.Macerich's revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 earnings per share. As a group, analysts forecast that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 3.0%. Macerich's payout ratio is presently -104.62%.

Insider Buying and Selling

In other news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the transaction, the chief accounting officer directly owned 847 shares in the company, valued at approximately $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.21% of the stock is owned by insiders.

Analyst Ratings Changes

MAC has been the subject of a number of recent analyst reports. Weiss Ratings raised Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. KeyCorp lifted their price objective on Macerich from $25.00 to $27.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 10th. Piper Sandler raised Macerich from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $28.00 to $30.00 in a research note on Thursday, August 27th. LADENBURG THALM/SH SH upped their target price on Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Deutsche Bank Aktiengesellschaft raised Macerich from a "hold" rating to a "buy" rating and raised their price target for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Macerich has an average rating of "Moderate Buy" and an average price target of $26.00.

About Macerich

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail real estate in the United States. The company focuses primarily on high-quality shopping centers and regional malls located in densely populated markets with strong consumer and tourism activity.

Macerich's properties accommodate a range of retailers, restaurants, entertainment venues and service businesses. Its activities include leasing and managing retail space, operating shopping centers, and pursuing property redevelopment and expansion projects designed to enhance tenant offerings and the surrounding customer experience.

The company's portfolio is concentrated in major metropolitan areas, particularly across the Western United States, while also including select properties in other prominent U.S.

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