Macerich Company (The) $MAC Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC increased its holdings in Macerich Company by 39.2%, owning approximately $2.87 million worth of the real estate investment trust's stock as of the end of the most recent reporting period.
• Macerich reported earnings of $0.32 per share in its latest quarterly results, missing consensus estimates, while revenue of $249.79 million exceeded analyst expectations.
• The company announced a quarterly dividend of $0.17 per share, representing a yield of 3.7%, which will be paid on September 23rd.

Intech Investment Management LLC lifted its position in Macerich Company (The) (NYSE:MAC - Free Report) by 39.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 167,341 shares of the real estate investment trust's stock after buying an additional 47,089 shares during the quarter. Intech Investment Management LLC owned about 0.07% of Macerich worth $2,873,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MAC. T. Rowe Price Investment Management Inc. raised its stake in shares of Macerich by 40.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock valued at $105,258,000 after purchasing an additional 1,754,466 shares in the last quarter. Northern Trust Corp boosted its holdings in Macerich by 3.6% in the first quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after acquiring an additional 151,295 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Macerich by 4.6% in the first quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust's stock valued at $58,943,000 after acquiring an additional 152,221 shares during the last quarter. Centersquare Investment Management LLC lifted its stake in Macerich by 3.3% in the first quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock valued at $35,749,000 after buying an additional 66,648 shares during the period. Finally, Nuveen LLC acquired a new position in Macerich in the first quarter valued at about $32,554,000. Institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

MAC traded down $0.10 during mid-day trading on Tuesday, reaching $18.00. 1,923,580 shares of the company traded hands, compared to its average volume of 1,530,325. The stock has a market capitalization of $4.55 billion, a P/E ratio of -10.29, a P/E/G ratio of 3.49 and a beta of 2.27. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The company's fifty day moving average price is $17.41 and its 200-day moving average price is $16.39. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company had revenue of $249.79 million for the quarter, compared to the consensus estimate of $245.19 million. During the same period last year, the company earned $0.39 EPS. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts expect that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is presently -38.86%.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of analyst reports. Scotiabank raised their price target on Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday, August 28th. LADENBURG THALM/SH SH assumed coverage on Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 target price for the company. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Evercore ISI lifted their target price on Macerich from $18.00 to $20.00 and gave the stock an "in-line" rating in a research note on Monday. Finally, Wall Street Zen downgraded Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Five investment 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's stock. According to data from MarketBeat, Macerich presently has an average rating of "Hold" and a consensus price target of $19.80.

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.