Cbre Investment Management Listed Real Assets LLC Invests $884,000 in Macerich Company (The) $MAC

Key Points

• Cbre Investment Management Listed Real Assets LLC has acquired a new stake in Macerich Company valued at approximately $884,000, purchasing 51,487 shares during the first quarter.
• Macerich recently announced a quarterly dividend of $0.17 per share, scheduled to be paid on September 23rd, which reflects an annualized yield of 3.8%.
• The company's stock has experienced a 6.1% increase, with recent earnings showing a revenue rise of 15.9% year-over-year despite missing earnings expectations.

Cbre Investment Management Listed Real Assets LLC bought a new stake in Macerich Company (The) (NYSE:MAC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 51,487 shares of the real estate investment trust's stock, valued at approximately $884,000.

Other hedge funds have also recently made changes to their positions in the company. Bamco Inc. NY raised its stake in shares of Macerich by 175.8% during the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock valued at $93,135,000 after purchasing an additional 2,980,051 shares during the period. Nuveen LLC bought a new stake in shares of Macerich during the 1st quarter valued at $32,554,000. T. Rowe Price Investment Management Inc. raised its stake in shares of Macerich by 40.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock valued at $105,258,000 after purchasing an additional 1,754,466 shares during the period. Northern Trust Corp raised its stake in shares of Macerich by 56.7% during the 4th quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after purchasing an additional 1,522,147 shares during the period. Finally, GRS Advisors LLC bought a new stake in shares of Macerich during the 4th quarter valued at $23,097,000. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MAC has been the topic of a number of analyst reports. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $22.00 to $18.00 in a research note on Tuesday, June 10th. Truist Financial upped their target price on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Wall Street Zen cut Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their target price on Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Wednesday. Finally, Scotiabank increased their target price on Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a report on Thursday. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $19.78.

Macerich Trading Down 0.8%

NYSE MAC traded down $0.15 on Thursday, hitting $18.26. The company's stock had a trading volume of 323,448 shares, compared to its average volume of 1,978,221. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. The company's 50-day simple moving average is $16.83 and its 200 day simple moving average is $16.58. The firm has a market cap of $4.61 billion, a P/E ratio of -10.43, a PEG ratio of 3.52 and a beta of 2.22.

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

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 annualized dividend and a dividend yield of 3.7%. Macerich's dividend payout ratio is currently -38.86%.

Macerich Company 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.