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

Several other hedge funds and other institutional investors have also bought and sold shares of MAC. Nuveen LLC purchased a new position in shares of Macerich in the 1st quarter worth about $32,554,000. T. Rowe Price Investment Management Inc. boosted its stake in 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 acquiring an additional 1,754,466 shares during the last quarter. Woodline Partners LP bought a new position in shares of Macerich during the 4th quarter valued at approximately $16,778,000. Millennium Management LLC increased its stake in shares of Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust's stock worth $15,570,000 after purchasing an additional 716,394 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Macerich in the 1st quarter worth approximately $12,163,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MAC shares. Evercore ISI increased their price objective on Macerich from $18.00 to $20.00 and gave the company an "in-line" rating in a report on Monday. JPMorgan Chase & Co. upped their price target on Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday, August 27th. Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and decreased their price objective for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Truist Financial upped their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Scotiabank lifted their target price on shares of Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 28th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.80.

Macerich Price Performance

MAC stock traded up $0.15 during mid-day trading on Thursday, reaching $17.80. 629,423 shares of the company traded hands, compared to its average volume of 1,952,244. The company has a fifty day moving average price of $17.44 and a 200-day moving average price of $16.39. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a market capitalization of $4.50 billion, a P/E ratio of -10.16, a P/E/G ratio of 3.48 and a beta of 2.27. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.76 and a quick ratio of 0.76.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The firm had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 earnings per share. As a group, analysts anticipate that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

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

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.