Corient Private Wealth LP Takes Position in Macerich Company (The) $MAC

Key Points

• Corient Private Wealth LP acquired 82,941 Macerich shares in the second quarter, valued at approximately $2.09 million. Institutional investors collectively own 87.38% of the REIT’s stock.
• Macerich reported quarterly revenue of $249.71 million, exceeding estimates, but posted adjusted earnings of negative $0.10 per share, missing expectations by $0.05.
• The company declared a quarterly dividend of $0.17 per share, representing an annualized payout of $0.68 and a 2.9% yield. Analysts maintain a consensus “Moderate Buy” rating with a $26.00 price target.

Corient Private Wealth LP acquired a new stake in Macerich Company (The) (NYSE:MAC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 82,941 shares of the real estate investment trust's stock, valued at approximately $2,089,000.

Several other large investors have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its holdings in Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock worth $25,000 after buying an additional 585 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Macerich by 366.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 1,095 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. Triumph Capital Management purchased a new stake in shares of Macerich during the third quarter worth $33,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Macerich in the second quarter valued at $36,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Stock Performance

Shares of MAC opened at $23.43 on Thursday. The stock has a 50 day moving average price of $25.00 and a 200 day moving average price of $22.53. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of -36.04, a price-to-earnings-growth ratio of 1.69 and a beta of 2.06. Macerich Company has a 52-week low of $16.03 and a 52-week high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm's revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. Research analysts predict that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 14th. Macerich's dividend payout ratio (DPR) is -104.62%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Jefferies Financial Group upgraded Macerich to a "strong-buy" rating in a report on Friday, June 26th. KeyCorp increased their price target on Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research report on Wednesday, June 10th. Griffin Securities set a $26.00 price objective on Macerich in a research note on Tuesday, August 18th. LADENBURG THALM/SH SH boosted their price objective on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Finally, JPMorgan Chase & Co. upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and upped their target price for the stock from $23.00 to $25.00 in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Macerich currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.00.

Macerich Company Profile

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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