Fairtree Asset Management Pty Ltd Takes $515,000 Position in The Macerich Company (NYSE:MAC)

Fairtree Asset Management Pty Ltd bought a new stake in The Macerich Company (NYSE:MAC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 25,861 shares of the real estate investment trust's stock, valued at approximately $515,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. CIBC Private Wealth Group LLC raised its holdings in Macerich by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock valued at $118,000 after acquiring an additional 512 shares in the last quarter. M&T Bank Corp raised its holdings in Macerich by 2.8% in the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust's stock valued at $403,000 after acquiring an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in Macerich by 5.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust's stock valued at $244,000 after acquiring an additional 665 shares in the last quarter. Custom Index Systems LLC raised its holdings in Macerich by 8.7% in the 4th quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust's stock valued at $232,000 after acquiring an additional 928 shares in the last quarter. Finally, Townsquare Capital LLC raised its holdings in Macerich by 7.0% in the 4th quarter. Townsquare Capital LLC now owns 14,395 shares of the real estate investment trust's stock valued at $287,000 after acquiring an additional 947 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MAC. Truist Financial raised Macerich from a "hold" rating to a "buy" rating and set a $19.00 price objective for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. dropped their price objective on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a report on Monday, March 10th. Scotiabank lowered their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley lowered their price target on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Finally, Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $18.95.

Macerich Price Performance

MAC traded up $0.04 on Friday, reaching $16.23. The stock had a trading volume of 3,216,787 shares, compared to its average volume of 1,942,175. The Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The firm has a 50-day moving average of $15.22 and a 200-day moving average of $18.20. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 41.62, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, sell-side analysts anticipate that The Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 4.19%. Macerich's payout ratio is -158.14%.

Macerich Company 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.