Macerich Company (The) $MAC Holdings Raised by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Macerich Company by 26.3%, acquiring an additional 139,013 shares in the first quarter, bringing its total ownership to 668,380 shares valued at approximately $11.5 million.
• Macerich recently reported earnings per share of $0.32 for the last quarter, falling short of analyst expectations, despite a 15.9% increase in revenue compared to the same period last year.
• The company declared a quarterly dividend of $0.17 per share, with a dividend yield of 3.8%, reflecting a dividend payout ratio of -38.86%.

Invesco Ltd. grew its position in Macerich Company (The) (NYSE:MAC - Free Report) by 26.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 668,380 shares of the real estate investment trust's stock after buying an additional 139,013 shares during the period. Invesco Ltd. owned 0.26% of Macerich worth $11,476,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bamco Inc. NY increased its holdings in Macerich by 175.8% in the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock worth $93,135,000 after buying an additional 2,980,051 shares during the period. Northern Trust Corp increased its holdings in shares of Macerich by 56.7% during the 4th quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after purchasing an additional 1,522,147 shares in the last quarter. GRS Advisors LLC purchased a new position in shares of Macerich during the 4th quarter valued at approximately $23,097,000. Woodline Partners LP purchased a new position in shares of Macerich during the 4th quarter valued at approximately $16,778,000. Finally, American Assets Investment Management LLC purchased a new position in shares of Macerich during the 1st quarter valued at approximately $9,868,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Scotiabank lifted their target price on shares of Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a report on Thursday. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research report on Thursday, May 22nd. Truist Financial upped their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. LADENBURG THALM/SH SH assumed coverage on Macerich in a research report on Friday, July 18th. They issued a "buy" rating and a $25.00 target price on the stock. Finally, Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Macerich has an average rating of "Hold" and a consensus price target of $19.78.

Macerich Stock Down 0.5%

NYSE:MAC traded down $0.10 during mid-day trading on Thursday, hitting $18.31. The stock had a trading volume of 415,766 shares, compared to its average volume of 1,978,614. The stock has a 50-day simple moving average of $16.83 and a two-hundred day simple moving average of $16.58. The company has a market capitalization of $4.63 billion, a PE ratio of -10.45, a PEG ratio of 3.52 and a beta of 2.22. Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. 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 (NYSE:MAC - Get Free Report) last announced its 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). Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The business had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. During the same quarter last year, the business posted $0.39 earnings per share. The business's revenue was up 15.9% on a year-over-year basis. On average, equities research analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. Macerich's dividend payout ratio (DPR) is presently -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.