Canada Pension Plan Investment Board Purchases New Position in Macerich Company (The) $MAC

Key Points

• Canada Pension Plan Investment Board purchased 3.25 million Macerich shares valued at approximately $81.9 million, representing about 1.15% of the REIT. Institutional investors collectively own 87.38% of MAC.
• Macerich reported quarterly EPS of negative $0.10, missing the consensus estimate of negative $0.05, while revenue reached $249.71 million. The company declared a quarterly dividend of $0.17 per share, implying an annualized yield of about 2.8%.
• MAC shares opened at $24.20, compared with a 52-week range of $16.03 to $26.67. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $25.75.

Canada Pension Plan Investment Board purchased a new stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,253,097 shares of the real estate investment trust's stock, valued at approximately $81,946,000. Canada Pension Plan Investment Board owned approximately 1.15% of Macerich at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MAC. Farther Finance Advisors LLC grew its holdings in shares of Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 585 shares in the last quarter. Global Retirement Partners LLC raised its stake in Macerich by 366.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock valued at $26,000 after purchasing an additional 1,095 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in Macerich during the second quarter valued at $36,000. Hantz Financial Services Inc. lifted its position in Macerich by 80.4% during the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock valued at $28,000 after purchasing an additional 684 shares during the last quarter. Finally, Triumph Capital Management purchased a new position in shares of Macerich in the 3rd quarter worth $33,000. Institutional investors own 87.38% of the company's stock.

Macerich Trading Down 0.2%

Shares of MAC opened at $24.20 on Thursday. The company's fifty day simple moving average is $25.06 and its 200-day simple moving average is $22.36. The company has a market cap of $6.86 billion, a P/E ratio of -37.23, a P/E/G ratio of 1.74 and a beta of 2.07. 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.

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

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be paid 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 dividend yield of 2.8%. Macerich's dividend payout ratio is currently -104.62%.

Analyst Upgrades and Downgrades

MAC has been the topic of several recent research reports. Evercore set a $25.00 target price on shares of Macerich in a research report on Thursday, August 6th. Weiss Ratings raised Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 12th. Compass Point restated a "neutral" rating and set a $26.00 price objective (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. Mizuho set a $28.00 price objective on Macerich in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group lifted their target price on Macerich from $17.00 to $19.00 and gave the stock a "sell" rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

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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