Bayforest Capital Ltd Makes New Investment in Macerich Company (The) $MAC

Key Points

• Bayforest Capital Ltd has initiated a new investment in Macerich Company, acquiring 21,382 shares valued at approximately $346,000 in Q2.
• Macerich has received mixed ratings from analysts, with six analysts issuing a Buy rating and a consensus target price of $20.11.
• The company recently announced a quarterly dividend of $0.17 per share, resulting in an annualized yield of 3.9%.

Bayforest Capital Ltd bought a new position in Macerich Company (The) (NYSE:MAC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 21,382 shares of the real estate investment trust's stock, valued at approximately $346,000.

Other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp lifted its stake in shares of Macerich by 47.7% in the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 972 shares during the period. Quarry LP lifted its stake in shares of Macerich by 2,691.6% in the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 3,203 shares during the period. Signaturefd LLC lifted its stake in shares of Macerich by 34.9% in the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares during the period. Archer Investment Corp bought a new position in shares of Macerich in the 1st quarter worth approximately $98,000. Finally, Inspire Advisors LLC bought a new position in shares of Macerich in the 1st quarter worth approximately $178,000. Institutional investors own 87.38% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MAC shares. Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 27th. Evercore ISI increased their target price on shares of Macerich from $18.00 to $20.00 and gave the stock an "in-line" rating in a report on Monday, September 15th. Bank of America raised shares of Macerich from a "neutral" rating to a "buy" rating and increased their target price for the stock from $19.00 to $23.00 in a report on Friday, September 26th. Finally, Scotiabank increased their target price on shares of Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $20.11.

Macerich Trading Up 1.3%

MAC stock opened at $17.34 on Thursday. The firm has a fifty day moving average price of $17.66 and a 200 day moving average price of $16.42. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $4.38 billion, a PE ratio of -9.91, a price-to-earnings-growth ratio of 3.00 and a beta of 2.23.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The business had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the business posted $0.39 earnings per share. Sell-side analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is -38.86%.

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.

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