Bank of America Corp DE Takes $32.99 Million Position in Macerich Company (The) $MAC

Key Points

• Bank of America acquired a new $32.99 million stake in Macerich during the second quarter, purchasing 1.31 million shares for approximately 0.46% ownership. Institutional investors collectively own 87.38% of the REIT.
• Macerich reported quarterly revenue of $249.71 million, exceeding estimates, but posted an adjusted loss of $0.10 per share versus the expected $0.05 loss. The company declared a quarterly dividend of $0.17 per share, yielding about 3.0% annually.
• Analyst sentiment is generally positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $26.06, compared with a recent price of $22.84.

Bank of America Corp DE bought a new position in Macerich Company (The) (NYSE:MAC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,309,546 shares of the real estate investment trust's stock, valued at approximately $32,987,000. Bank of America Corp DE owned about 0.46% of Macerich as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in MAC. Freestone Grove Partners LP bought a new stake in Macerich during the 2nd quarter worth approximately $4,482,000. Jupiter Topco LLC acquired a new stake in Macerich during the 2nd quarter valued at $2,844,000. Hsbc Holdings PLC bought a new position in Macerich in the 2nd quarter valued at $22,722,000. Canada Pension Plan Investment Board bought a new position in Macerich in the 2nd quarter valued at $81,946,000. Finally, Legal & General Group Plc acquired a new position in Macerich in the second quarter worth $42,780,000. 87.38% of the stock is owned by institutional investors.

Macerich Price Performance

MAC opened at $22.84 on Wednesday. The company has a fifty day moving average price of $24.32 and a two-hundred day moving average price of $22.82. The firm has a market capitalization of $6.48 billion, a PE ratio of -35.14, a P/E/G ratio of 1.62 and a beta of 2.06. Macerich Company has a 52 week low of $16.03 and a 52 week high of $26.67. 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 announced its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $239.77 million. During the same period last year, the firm earned $0.33 earnings per share. The firm's revenue for the quarter was up .0% on a year-over-year basis. As a group, analysts anticipate that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

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

Insider Buying and Selling at Macerich

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 value of $63,787.20. Following the sale, the chief accounting officer directly owned 847 shares in the company, valued at $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 available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on MAC. Deutsche Bank Aktiengesellschaft raised shares of Macerich from a "hold" rating to a "buy" rating and increased their price target for the company from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Weiss Ratings raised Macerich from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. The Goldman Sachs Group reiterated a "sell" rating and issued a $21.00 price objective on shares of Macerich in a research report on Tuesday, September 1st. Piper Sandler raised Macerich from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $28.00 to $30.00 in a research note on Thursday, August 27th. Finally, LADENBURG THALM/SH SH boosted their target price on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $26.06.

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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