Freestone Grove Partners LP Purchases Shares of 177,946 Macerich Company (The) $MAC

Key Points

• Freestone Grove Partners acquired 177,946 Macerich shares worth approximately $4.48 million, while institutional investors collectively own 87.38% of the REIT.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $25.88; recent targets range from $19 to $28.
• Macerich shares opened at $23.75, and the company reported a quarterly loss of $0.10 per share versus the expected $0.05 loss. It declared a quarterly dividend of $0.17, representing a 2.9% annualized yield.

Freestone Grove Partners LP acquired a new stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 177,946 shares of the real estate investment trust's stock, valued at approximately $4,482,000. Freestone Grove Partners LP owned 0.06% of Macerich as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MAC. BlackRock Inc. purchased a new stake in Macerich during the second quarter worth approximately $1,378,836,000. State Street Corp increased its position in shares of Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust's stock worth $245,322,000 after acquiring an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock valued at $250,242,000 after acquiring an additional 2,034,338 shares during the period. Geode Capital Management LLC raised its stake in shares of Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust's stock valued at $122,008,000 after acquiring an additional 70,132 shares during the period. Finally, Centersquare Investment Management LLC lifted its holdings in shares of Macerich by 149.6% during the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock valued at $117,307,000 after acquiring an additional 3,808,336 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on MAC. Scotiabank raised their price objective on Macerich from $24.00 to $27.00 and gave the company a "sector outperform" rating in a research report on Thursday, June 18th. Mizuho set a $28.00 target price on Macerich in a research report on Wednesday, August 5th. The Goldman Sachs Group increased their target price on Macerich from $17.00 to $19.00 and gave the company a "sell" rating in a research note on Friday, May 15th. JPMorgan Chase & Co. raised Macerich from an "underweight" rating to a "neutral" rating and boosted their price target for the stock from $23.00 to $25.00 in a research report on Wednesday, June 17th. Finally, Truist Financial upped their price target on Macerich from $20.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $25.88.

Macerich Trading Down 0.7%

MAC opened at $23.75 on Friday. Macerich Company has a 12-month low of $16.03 and a 12-month high of $26.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $6.73 billion, a PE ratio of -36.54, a P/E/G ratio of 1.72 and a beta of 2.07. The firm's fifty day moving average price is $25.07 and its 200 day moving average price is $22.40.

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

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be issued 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 is Monday, September 14th. Macerich's payout ratio is -104.62%.

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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