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 acquired a new stake in Macerich Company (The) (NYSE:MAC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 51,487 shares of the real estate investment trust's stock, valued at approximately $884,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MAC. Raymond James Financial Inc. bought a new stake in shares of Macerich during the fourth quarter worth $450,000. First Trust Advisors LP grew its stake in shares of Macerich by 11.2% during the fourth quarter. First Trust Advisors LP now owns 182,221 shares of the real estate investment trust's stock worth $3,630,000 after buying an additional 18,332 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Macerich by 17.6% during the fourth quarter. MetLife Investment Management LLC now owns 150,001 shares of the real estate investment trust's stock worth $2,988,000 after buying an additional 22,500 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Macerich by 64.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,155 shares of the real estate investment trust's stock worth $222,000 after buying an additional 4,389 shares during the last quarter. Finally, State of Tennessee Department of Treasury grew its stake in shares of Macerich by 1.7% during the fourth quarter. State of Tennessee Department of Treasury now owns 102,801 shares of the real estate investment trust's stock worth $2,048,000 after buying an additional 1,715 shares during the last quarter. Institutional investors own 87.38% of the company's stock.

Macerich Trading Up 1.0%

MAC stock traded up $0.18 during midday trading on Wednesday, hitting $18.42. The stock had a trading volume of 1,910,489 shares, compared to its average volume of 1,988,531. The firm has a market cap of $4.65 billion, a P/E ratio of -10.52, a price-to-earnings-growth ratio of 3.48 and a beta of 2.22. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The business has a fifty day moving average price of $16.78 and a two-hundred day moving average price of $16.57.

Macerich (NYSE:MAC - Get Free Report) last released 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). The firm had revenue of $249.79 million during the quarter, compared to analyst estimates of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. Macerich's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. On average, sell-side analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be issued a dividend of $0.17 per share. The ex-dividend date 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%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MAC shares. JPMorgan Chase & Co. boosted their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research note on Thursday, May 22nd. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and decreased their target price for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Wall Street Zen lowered shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, LADENBURG THALM/SH SH started coverage on shares of Macerich in a report on Friday, July 18th. They set a "buy" rating and a $25.00 price target on the stock. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Macerich has a consensus rating of "Hold" and an average target price of $19.34.

About Macerich

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.