Bank of New York Mellon Corp Purchases New Stake in Macerich Company (The) $MAC

Key Points

• Bank of New York Mellon purchased 2.38 million Macerich shares worth approximately $60 million, giving it a 0.84% stake. Institutional investors collectively own 87.38% of the REIT.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.75; several firms recently raised targets or upgraded the stock.
• Macerich reported a quarterly EPS loss of $0.10, missing estimates, while revenue reached $249.7 million. The company declared a quarterly dividend of $0.17, equal to an annualized $0.68 and a 2.8% yield.

Bank of New York Mellon Corp bought a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,380,393 shares of the real estate investment trust's stock, valued at approximately $59,962,000. Bank of New York Mellon Corp owned approximately 0.84% of Macerich at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Centersquare Investment Management LLC boosted its stake 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 valued at $117,307,000 after buying an additional 3,808,336 shares during the period. Norges Bank purchased a new position in shares of Macerich during the fourth quarter valued at approximately $66,924,000. Resolution Capital Ltd lifted its holdings in shares of Macerich by 204.0% during the first quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust's stock valued at $82,861,000 after purchasing an additional 2,941,909 shares during the last quarter. Wellington Management Group LLP raised its holdings in Macerich by 139.8% in the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust's stock worth $67,855,000 after buying an additional 2,142,737 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position 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 acquiring an additional 2,034,338 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. KeyCorp boosted their price objective on Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. Weiss Ratings raised Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. Griffin Securities set a $26.00 price target on Macerich in a research note on Tuesday, August 18th. Compass Point restated a "neutral" rating and set a $26.00 price target (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. Finally, Jefferies Financial Group upgraded shares of Macerich to a "strong-buy" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Macerich presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Macerich Trading Down 0.2%

Shares of NYSE:MAC opened at $24.20 on Thursday. 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 12-month low of $16.03 and a 12-month high of $26.67. The business has a 50 day moving average of $25.06 and a two-hundred day moving average of $22.36. The company has a market capitalization of $6.86 billion, a PE ratio of -37.23, a PEG ratio of 1.74 and a beta of 2.07.

Macerich (NYSE:MAC - Get Free Report) last posted its 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). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm had revenue of $249.71 million for the quarter, compared to analysts' expectations of $239.77 million. During the same period last year, the firm earned $0.33 earnings per share. Macerich's revenue for the quarter was up .0% compared to the same quarter last year. As a group, analysts forecast that Macerich Company will post 1.49 EPS for the current year.

Macerich Dividend Announcement

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

Macerich 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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