Centersquare Investment Management LLC Has $35.75 Million Stake in Macerich Company (The) (NYSE:MAC)

Key Points

• Centersquare Investment Management LLC increased its stake in Macerich Company by 3.3% during the 1st quarter, holding 2,082,086 shares valued at $35.75 million.
• Macerich Company reported earnings of $0.33 per share for the latest quarter, exceeding estimates, with quarterly revenue up 19.3% year-over-year, totaling $249.22 million.
• The company announced a quarterly dividend of $0.17 per share with a yield of 4.0%, despite a negative payout ratio of -158.14%.

Centersquare Investment Management LLC increased its position in Macerich Company (The) (NYSE:MAC - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,082,086 shares of the real estate investment trust's stock after buying an additional 66,648 shares during the quarter. Centersquare Investment Management LLC owned about 0.82% of Macerich worth $35,749,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. FMR LLC lifted its holdings in shares of Macerich by 87.3% during the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust's stock valued at $439,192,000 after purchasing an additional 10,274,895 shares during the last quarter. Bamco Inc. NY lifted its holdings in shares of Macerich by 175.8% during the fourth 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 last quarter. Northern Trust Corp lifted its holdings in shares of Macerich by 56.7% during the fourth 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 last quarter. APG Asset Management US Inc. purchased a new stake in shares of Macerich during the fourth quarter valued at $24,027,000. Finally, GRS Advisors LLC purchased a new stake in shares of Macerich during the fourth quarter valued at $23,097,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Stock Up 0.8%

MAC stock traded up $0.14 during mid-day trading on Friday, hitting $16.72. The stock had a trading volume of 1,977,207 shares, compared to its average volume of 1,658,791. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The company has a fifty day moving average of $16.44 and a 200 day moving average of $16.83. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of -38.87, a PEG ratio of 3.22 and a beta of 2.22.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The company had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. During the same period in the prior year, the firm posted $0.33 EPS. The business's revenue was up 19.3% compared to the same quarter last year. On average, equities analysts expect that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

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 of this dividend is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.1%. Macerich's dividend payout ratio is currently -158.14%.

Analyst Upgrades and Downgrades

MAC has been the subject of several research analyst reports. Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and reduced their price objective for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective for the company in a research note on Thursday, May 22nd. LADENBURG THALM/SH SH initiated coverage on Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective for the company. Wall Street Zen downgraded Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Truist Financial increased their price objective on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $19.26.

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.