Intech Investment Management LLC Raises Holdings in Macerich Company (The) $MAC

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 grew its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 39.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 period. Intech Investment Management LLC owned approximately 0.07% of Macerich worth $2,873,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TCTC Holdings LLC purchased a new position in Macerich in the 1st quarter worth approximately $1,449,000. Asset Management One Co. Ltd. grew its stake in Macerich by 3.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 367,295 shares of the real estate investment trust's stock worth $6,306,000 after buying an additional 12,327 shares in the last quarter. GAMMA Investing LLC grew its stake in Macerich by 1,644.0% in the 1st quarter. GAMMA Investing LLC now owns 76,527 shares of the real estate investment trust's stock worth $1,314,000 after buying an additional 72,139 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Macerich by 0.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 331,726 shares of the real estate investment trust's stock worth $5,696,000 after acquiring an additional 3,032 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Macerich in the 1st quarter worth approximately $622,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Price Performance

MAC traded down $0.35 during trading hours on Friday, hitting $17.40. The company's stock had a trading volume of 4,247,421 shares, compared to its average volume of 1,608,150. The stock has a market cap of $4.40 billion, a price-to-earnings ratio of -9.94, a P/E/G ratio of 3.43 and a beta of 2.27. The business's 50-day moving average price is $17.49 and its 200-day moving average price is $16.39. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich Company has a 12 month low of $12.48 and a 12 month high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last posted 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 return on equity of 15.15% and a negative net margin of 41.33%.The firm had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. During the same period in the previous year, the firm earned $0.39 earnings per share. The firm's quarterly revenue was up 15.9% compared to the same quarter last year. Sell-side analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company 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 $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, September 9th. Macerich's payout ratio is presently -38.86%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MAC. Evercore ISI boosted their price objective on shares of Macerich from $18.00 to $20.00 and gave the stock an "in-line" rating in a report on Monday. Truist Financial upped their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Mizuho raised shares of 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 report on Tuesday, June 10th. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 price objective on the stock. Finally, Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price 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.