Citigroup Inc. Grows Stock Holdings in Macerich Company (The) $MAC

Key Points

• Citigroup Inc. has increased its ownership in Macerich Company by 11.8% in the first quarter, now holding 486,056 shares worth approximately $8.35 million.
• Macerich is set to pay a quarterly dividend of $0.17 per share on September 23rd, which represents an annual yield of 4.0%.
• The company's recent earnings report showed an EPS of $0.32, falling short of analysts' expectations, despite a 15.9% revenue increase year-over-year.

Citigroup Inc. lifted its position in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 11.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 486,056 shares of the real estate investment trust's stock after purchasing an additional 51,124 shares during the period. Citigroup Inc. owned 0.19% of Macerich worth $8,346,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MAC. Bamco Inc. NY boosted 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 worth $93,135,000 after purchasing an additional 2,980,051 shares during the period. Northern Trust Corp boosted 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 worth $83,781,000 after purchasing an additional 1,522,147 shares during the period. GRS Advisors LLC purchased a new stake in shares of Macerich during the fourth quarter worth about $23,097,000. Woodline Partners LP purchased a new stake in shares of Macerich during the fourth quarter worth about $16,778,000. Finally, Waterfront Capital Partners LLC purchased a new stake in shares of Macerich during the fourth quarter worth about $12,314,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Down 1.6%

Shares of MAC traded down $0.27 on Wednesday, hitting $17.11. 367,941 shares of the stock traded hands, compared to its average volume of 1,988,374. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. Macerich Company has a one year low of $12.48 and a one year high of $22.27. The company has a market capitalization of $4.32 billion, a PE ratio of -9.79, a P/E/G ratio of 3.30 and a beta of 2.22. The business has a 50 day simple moving average of $16.61 and a 200 day simple moving average of $16.67.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $249.79 million during the quarter, compared to the consensus estimate of $245.19 million. During the same period last year, the firm posted $0.39 EPS. The company's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. Macerich's payout ratio is -38.86%.

Analysts Set New Price Targets

Several analysts have commented on MAC shares. Scotiabank lowered their price objective on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Truist Financial lifted their target price on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a "buy" rating and a $25.00 target price for the company. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and lowered their target price for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, Wall Street Zen lowered shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $19.26.

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.