Centersquare Investment Management LLC Grows Stock Position 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 grew its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,082,086 shares of the real estate investment trust's stock after purchasing an additional 66,648 shares during the period. Centersquare Investment Management LLC owned approximately 0.82% of Macerich worth $35,749,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. American Assets Investment Management LLC acquired a new position in Macerich during the 1st quarter worth approximately $9,868,000. Phocas Financial Corp. bought a new stake in shares of Macerich during the first quarter valued at approximately $3,419,000. US Bancorp DE increased its holdings in shares of Macerich by 334.8% during the first quarter. US Bancorp DE now owns 34,239 shares of the real estate investment trust's stock valued at $588,000 after acquiring an additional 26,365 shares in the last quarter. TCTC Holdings LLC acquired a new position in shares of Macerich during the first quarter worth approximately $1,449,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Macerich by 12.5% in the 1st quarter. Mackenzie Financial Corp now owns 16,761 shares of the real estate investment trust's stock worth $288,000 after purchasing an additional 1,857 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. LADENBURG THALM/SH SH began coverage on shares of Macerich in a report on Friday, July 18th. They set a "buy" rating and a $25.00 price objective on the stock. Scotiabank decreased their target price on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research report on Thursday, May 22nd. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and cut their price target for the company from $22.00 to $18.00 in a research note on Tuesday, June 10th. 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 analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $19.26.

Macerich Stock Performance

Shares of MAC stock traded down $0.47 during trading on Thursday, hitting $16.54. The company's stock had a trading volume of 1,833,400 shares, compared to its average volume of 1,655,817. The business has a fifty day moving average of $16.43 and a 200-day moving average of $16.87. The company has a market cap of $4.18 billion, a PE ratio of -38.47, a P/E/G ratio of 3.28 and a beta of 2.22. 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 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. The firm had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The business's revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. As a group, research analysts anticipate that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Tuesday, September 9th. Macerich's payout ratio is presently -158.14%.

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.