Bank of America Corp DE Boosts Holdings in Macerich Company (The) $MAC

Key Points

• Bank of America more than doubled its Macerich stake in the first quarter, adding 1.21 million shares to own 2.24 million shares valued at approximately $42.3 million. Institutional investors now hold 87.38% of the REIT’s stock.
• Macerich reported quarterly revenue of $249.7 million, exceeding estimates, but posted an adjusted loss of $0.10 per share versus the expected $0.05 loss. The stock opened at $24.69, near its 12-month high of $26.67.
• The company declared a quarterly dividend of $0.17 per share, representing a 2.8% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $25.73.

Bank of America Corp DE raised its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 117.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,240,478 shares of the real estate investment trust's stock after buying an additional 1,211,091 shares during the period. Bank of America Corp DE owned about 0.86% of Macerich worth $42,345,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its stake in shares of Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 585 shares during the period. Global Retirement Partners LLC boosted its stake in Macerich by 366.2% in the 4th 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 period. Hantz Financial Services Inc. lifted its holdings 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 worth $28,000 after buying an additional 684 shares in the last quarter. Triumph Capital Management purchased a new position in shares of Macerich in the third quarter worth $33,000. Finally, Salomon & Ludwin LLC boosted its position in shares of Macerich by 156.6% during the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust's stock worth $41,000 after acquiring an additional 1,336 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Up 0.2%

Macerich stock opened at $24.69 on Friday. The business has a fifty day moving average of $25.01 and a two-hundred day moving average of $21.99. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a market cap of $7.00 billion, a P/E ratio of -37.98, a P/E/G ratio of 1.74 and a beta of 2.07. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last released 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). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The company had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. During the same period in the previous year, the firm posted $0.33 earnings per share. The company's revenue was up .0% on a year-over-year basis. On average, analysts forecast that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced 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. This represents a $0.68 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 14th. Macerich's payout ratio is -104.62%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Jefferies Financial Group upgraded shares of Macerich to a "strong-buy" rating in a research note on Friday, June 26th. Piper Sandler boosted their price target on shares of Macerich from $21.00 to $28.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Morgan Stanley increased their price objective on shares of Macerich from $20.00 to $25.00 and gave the company an "equal weight" rating in a research report on Thursday, June 18th. Citigroup lifted their price objective on shares of Macerich from $28.00 to $29.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and boosted their target price for the stock from $23.00 to $25.00 in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.73.

Macerich Company Profile

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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