Centersquare Investment Management LLC Increases Position in Macerich Company (The) $MAC

Key Points

• Centersquare Investment Management boosted its Macerich stake by 149.6% in the fourth quarter, ending with 6.35 million shares worth about $117.3 million and making MAC its 28th-largest holding.
• Macerich posted better-than-expected first-quarter earnings of $0.34 per share on revenue of $241.5 million, though revenue still declined 3.1% from a year earlier.
• The REIT declared a quarterly dividend of $0.17 per share, payable June 29, for an annualized yield of 2.7%, while analysts currently have a consensus rating of Hold with a $22.69 price target.

Centersquare Investment Management LLC raised its position in Macerich Company (The) (NYSE:MAC - Free Report) by 149.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,354,661 shares of the real estate investment trust's stock after purchasing an additional 3,808,336 shares during the quarter. Macerich accounts for approximately 1.2% of Centersquare Investment Management LLC's portfolio, making the stock its 28th largest position. Centersquare Investment Management LLC owned about 2.48% of Macerich worth $117,307,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MAC. HighTower Advisors LLC grew its stake in shares of Macerich by 1.2% in the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust's stock worth $851,000 after acquiring an additional 530 shares in the last quarter. Farther Finance Advisors LLC grew its stake 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 worth $25,000 after acquiring an additional 585 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Macerich by 2.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust's stock worth $455,000 after acquiring an additional 622 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock worth $28,000 after acquiring an additional 684 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Macerich by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 124,535 shares of the real estate investment trust's stock worth $2,267,000 after acquiring an additional 787 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

NYSE:MAC opened at $25.03 on Friday. The firm has a market capitalization of $6.54 billion, a PE ratio of -35.26, a price-to-earnings-growth ratio of 1.64 and a beta of 2.10. The business's fifty day moving average price is $21.90 and its 200 day moving average price is $19.81. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. Macerich Company has a 12 month low of $15.48 and a 12 month high of $25.09.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. The firm had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.Macerich's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.33 earnings per share. On average, sell-side analysts anticipate that Macerich Company will post 1.48 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, June 15th. Macerich's dividend payout ratio is -95.77%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MAC shares. Morgan Stanley set a $20.00 price target on shares of Macerich in a research note on Tuesday, April 14th. Weiss Ratings upgraded shares of Macerich from a "sell (d)" rating to a "hold (c-)" rating in a research note on Monday, May 11th. Evercore set a $22.00 price target on shares of Macerich in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Finally, Scotiabank increased their target price on Macerich from $22.00 to $24.00 and gave the company an "outperform" rating in a report on Tuesday, May 19th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Macerich has an average rating of "Hold" and a consensus target price of $22.69.

About Macerich

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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