Jacobs Levy Equity Management Inc. Makes New Investment in Macerich Company (The) $MAC

Key Points

• Jacobs Levy Equity Management Inc. has made a new investment in Macerich Company, acquiring 708,413 shares valued at approximately $12.16 million.
• Macerich's quarterly earnings report showed a miss on EPS estimates, posting $0.32 compared to an expected $0.34, despite a 15.9% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.17 per share, with an annualized dividend yield of 3.6%, and a negative dividend payout ratio of -38.86%.

Jacobs Levy Equity Management Inc. bought a new position in Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 708,413 shares of the real estate investment trust's stock, valued at approximately $12,163,000. Jacobs Levy Equity Management Inc. owned approximately 0.28% of Macerich as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC increased its holdings in Macerich by 2.2% in the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock worth $640,000 after purchasing an additional 813 shares in the last quarter. Royal Bank of Canada grew its position in shares of Macerich by 20.1% in the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust's stock valued at $1,338,000 after buying an additional 13,018 shares during the last quarter. Quarry LP grew its position in shares of Macerich by 2,691.6% in the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock valued at $57,000 after buying an additional 3,203 shares during the last quarter. State of Wyoming grew its position in shares of Macerich by 376.8% in the 1st quarter. State of Wyoming now owns 13,140 shares of the real estate investment trust's stock valued at $226,000 after buying an additional 10,384 shares during the last quarter. Finally, Corebridge Financial Inc. grew its position in shares of Macerich by 3.1% in the 1st quarter. Corebridge Financial Inc. now owns 130,300 shares of the real estate investment trust's stock valued at $2,237,000 after buying an additional 3,934 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MAC shares. LADENBURG THALM/SH SH started coverage on Macerich in a research report on Friday, July 18th. They issued a "buy" rating and a $25.00 price target on the stock. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and reduced their price target for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. 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. Scotiabank upped their price target on Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, August 28th. Finally, Truist Financial upped their price target on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Macerich presently has an average rating of "Hold" and an average price target of $19.78.

Macerich Trading Up 1.7%

Shares of Macerich stock traded up $0.31 on Thursday, hitting $18.23. 1,352,515 shares of the company's stock traded hands, compared to its average volume of 1,956,564. Macerich Company has a one year low of $12.48 and a one year high of $22.27. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.76 and a quick ratio of 0.76. The company has a fifty day moving average of $17.27 and a two-hundred day moving average of $16.43. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -10.43, a price-to-earnings-growth ratio of 3.49 and a beta of 2.27.

Macerich (NYSE:MAC - Get Free Report) last announced its 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 net margin of 41.33% and a negative return on equity of 15.15%. The business had revenue of $249.79 million for the quarter, compared to the consensus estimate of $245.19 million. During the same quarter in the previous year, the company earned $0.39 EPS. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts expect 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. Shareholders of record on Tuesday, September 9th will be issued a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.7%. 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.