APG Asset Management US Inc. Raises Holdings in Macerich Company (The) $MAC

Key Points

• APG Asset Management US Inc. has raised its stake in Macerich Company by 21.0% during the first quarter, now holding approximately 1.46 million shares valued at nearly $24.9 million.
• Equities research analysts have mixed ratings on Macerich, with a consensus rating of “Hold” and a price target of $19.26, although some firms have rated it as a “Sell” and others as a “Buy.”
• Macerich announced a quarterly dividend of $0.17 per share, reflecting an annualized yield of 3.9%, with the payout ratio currently at -38.86%.

APG Asset Management US Inc. increased its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 21.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,459,447 shares of the real estate investment trust's stock after purchasing an additional 253,275 shares during the period. APG Asset Management US Inc. owned 0.58% of Macerich worth $24,898,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MAC. Ameriprise Financial Inc. grew its position in shares of Macerich by 4.6% in the first quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust's stock valued at $58,943,000 after purchasing an additional 152,221 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Macerich by 40.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock valued at $105,258,000 after acquiring an additional 1,754,466 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Macerich by 12.6% in the 1st quarter. Hsbc Holdings PLC now owns 231,231 shares of the real estate investment trust's stock valued at $3,968,000 after purchasing an additional 25,849 shares during the period. Quantbot Technologies LP increased its position in shares of Macerich by 2,140.6% during the 1st quarter. Quantbot Technologies LP now owns 34,303 shares of the real estate investment trust's stock worth $589,000 after purchasing an additional 32,772 shares in the last quarter. Finally, Northern Trust Corp increased its position in Macerich by 3.6% in the 1st quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after acquiring an additional 151,295 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Price Performance

NYSE MAC traded up $0.09 on Wednesday, reaching $18.33. The company's stock had a trading volume of 617,263 shares, compared to its average volume of 1,980,294. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The business has a 50-day moving average price of $16.78 and a 200 day moving average price of $16.57. The firm has a market cap of $4.63 billion, a PE ratio of -10.46, a price-to-earnings-growth ratio of 3.48 and a beta of 2.22. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The real estate investment trust reported $0.32 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 analyst estimates of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. Sell-side analysts expect that Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a dividend yield of 3.7%. Macerich's dividend payout ratio (DPR) is currently -38.86%.

Analyst Upgrades and Downgrades

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