Jupiter Topco LLC Makes New Investment in Macerich Company (The) $MAC

Key Points

• Jupiter Topco LLC bought 112,834 Macerich shares during the second quarter, valued at approximately $2.84 million. Institutional investors collectively own 87.38% of MAC.
• Macerich reported quarterly revenue of $249.71 million, exceeding estimates, but posted an adjusted loss of $0.10 per share versus expectations of a $0.05 loss.
• The REIT declared a quarterly dividend of $0.17 per share, or $0.68 annually, representing a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $26, above the reported $23.43 share price.

Jupiter Topco LLC purchased a new position in Macerich Company (The) (NYSE:MAC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 112,834 shares of the real estate investment trust's stock, valued at approximately $2,844,000.

A number of other institutional investors also recently modified their holdings of MAC. Fifth Third Bancorp raised its stake in Macerich by 14.7% during the first quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust's stock worth $69,000 after buying an additional 471 shares during the last quarter. HighTower Advisors LLC boosted its position in Macerich by 1.2% during the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust's stock valued at $851,000 after acquiring an additional 530 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock worth $25,000 after acquiring an additional 585 shares during the period. PNC Financial Services Group Inc. grew its holdings in Macerich by 2.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust's stock worth $455,000 after acquiring an additional 622 shares during the period. Finally, Osaic Holdings Inc. raised its position in shares of Macerich by 5.5% in the 4th quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust's stock worth $224,000 after acquiring an additional 637 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Price Performance

MAC stock opened at $23.43 on Thursday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The company's 50-day moving average is $25.00 and its 200-day moving average is $22.53. The stock has a market capitalization of $6.64 billion, a PE ratio of -36.04, a price-to-earnings-growth ratio of 1.69 and a beta of 2.06. Macerich Company has a 1 year low of $16.03 and a 1 year high of $26.67.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.05). The firm had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the company posted $0.33 earnings per share. Equities research analysts expect that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 14th. Macerich's dividend payout ratio is presently -104.62%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MAC. Griffin Securities set a $26.00 target price on Macerich in a research report on Tuesday, August 18th. Piper Sandler upgraded Macerich from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $28.00 to $30.00 in a report on Thursday, August 27th. Mizuho set a $28.00 price target on Macerich in a research note on Wednesday, August 5th. Citigroup increased their price target on Macerich from $28.00 to $29.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Morgan Stanley raised their price objective on shares of Macerich from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.00.

Macerich Company Profile

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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