Bamco Inc. NY Buys Shares of 4,999,756 Macerich Company (The) $MAC

Key Points

• Bamco Inc. NY acquired nearly 5 million Macerich shares in the second quarter, worth approximately $125.9 million and representing a 1.76% stake. Institutional investors collectively own 87.38% of the REIT.
• Macerich reported quarterly revenue of $249.71 million, exceeding expectations, but posted an adjusted loss of $0.10 per share versus the estimated loss of $0.05. The stock opened at $24.20, near analysts’ consensus price target of $25.75.
• The company declared a quarterly dividend of $0.17 per share, equal to an annualized $0.68 and a 2.8% yield. Analyst sentiment is moderately bullish, with ratings ranging from strong buy to sell.

Bamco Inc. NY bought a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,999,756 shares of the real estate investment trust's stock, valued at approximately $125,944,000. Bamco Inc. NY owned about 1.76% of Macerich at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of MAC. BlackRock Inc. purchased a new position in shares of Macerich during the 2nd quarter worth approximately $1,378,836,000. State Street Corp lifted its stake in Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust's stock valued at $245,322,000 after buying an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock valued at $250,242,000 after buying an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC increased its position in Macerich by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust's stock worth $122,008,000 after buying an additional 70,132 shares in the last quarter. Finally, Centersquare Investment Management LLC increased its position in Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock worth $117,307,000 after buying an additional 3,808,336 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

NYSE MAC opened at $24.20 on Thursday. The business's 50-day moving average price is $25.06 and its 200 day moving average price is $22.36. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67. The company has a market capitalization of $6.86 billion, a PE ratio of -37.23, a price-to-earnings-growth ratio of 1.74 and a beta of 2.07.

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

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 14th. Macerich's payout ratio is presently -104.62%.

Analysts Set New Price Targets

Several analysts have recently issued reports on MAC shares. Scotiabank upped their price objective on Macerich from $24.00 to $27.00 and gave the company a "sector outperform" rating in a research report on Thursday, June 18th. Piper Sandler lifted their price objective on Macerich from $21.00 to $28.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Jefferies Financial Group raised shares of Macerich to a "strong-buy" rating in a research note on Friday, June 26th. Griffin Securities set a $26.00 target price on shares of Macerich in a report on Tuesday, August 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 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 equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.75.

About Macerich

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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