Invst LLC Purchases Shares of 41,955 Macerich Company (The) $MAC

Key Points

• Invst LLC has acquired 41,955 shares of Macerich Company, amounting to approximately $720,000, as disclosed in a recent 13F filing.
• Despite recent acquisitions by institutional investors, Macerich's consensus rating remains a "Hold" with an average price target of $19.78.
• The company has announced a quarterly dividend of $0.17 per share, which will yield approximately 3.7% annually, with an ex-dividend date on September 9th.

Invst LLC bought a new position in Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 41,955 shares of the real estate investment trust's stock, valued at approximately $720,000.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock worth $640,000 after buying an additional 813 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Macerich by 4.5% during the 1st quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust's stock worth $335,000 after buying an additional 839 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Macerich by 2.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 36,060 shares of the real estate investment trust's stock worth $619,000 after buying an additional 860 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Macerich by 34.9% during the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after buying an additional 862 shares during the last quarter. Finally, Gotham Asset Management LLC increased its holdings in shares of Macerich by 8.4% during the 4th quarter. Gotham Asset Management LLC now owns 12,830 shares of the real estate investment trust's stock worth $256,000 after buying an additional 997 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Analysts Set New Price Targets

MAC has been the topic of several recent research reports. Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research note on Thursday, May 22nd. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a report on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective on the stock. Scotiabank raised their price target on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. increased their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 27th. Finally, Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and lowered their price target for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $19.80.

Macerich Trading Down 0.6%

Shares of NYSE MAC traded down $0.10 during midday trading on Tuesday, reaching $18.00. 1,923,580 shares of the stock were exchanged, compared to its average volume of 1,959,666. The stock has a 50 day moving average price of $17.38 and a 200-day moving average price of $16.37. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $4.55 billion, a P/E ratio of -10.29, a P/E/G ratio of 3.50 and a beta of 2.27. 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 issued its quarterly earnings results 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 company had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. During the same period last year, the company posted $0.39 EPS. The business's revenue for the quarter was up 15.9% on a year-over-year basis. Equities research analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

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

About Macerich

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.