Macerich Company (The) $MAC Shares Acquired by PGGM Investments

Key Points

• PGGM Investments has increased its stake in Macerich Company by 15.9%, acquiring a total of 4,022,858 shares valued at approximately $65 million.
• Macerich reported a quarterly earnings miss with $0.32 earnings per share, falling short of analysts' expectations of $0.34, although its revenue increased by 15.9% year-over-year.
• The company declared a quarterly dividend of $0.17 per share, with a dividend yield of 3.7% and a negative dividend payout ratio of -38.86%.

PGGM Investments lifted its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 15.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,022,858 shares of the real estate investment trust's stock after purchasing an additional 552,194 shares during the quarter. PGGM Investments owned about 1.59% of Macerich worth $65,090,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its position in shares of Macerich by 40.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock worth $105,258,000 after purchasing an additional 1,754,466 shares during the period. Northern Trust Corp raised its position in shares of Macerich by 3.6% during the 1st quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock worth $74,813,000 after purchasing an additional 151,295 shares during the period. Ameriprise Financial Inc. raised its position in shares of Macerich by 4.6% during the 1st quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust's stock worth $58,943,000 after purchasing an additional 152,221 shares during the period. Centersquare Investment Management LLC raised its position in shares of Macerich by 3.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock worth $35,749,000 after purchasing an additional 66,648 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Macerich during the 1st quarter worth approximately $32,554,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Performance

Shares of NYSE MAC opened at $18.22 on Wednesday. The stock has a fifty day moving average price of $17.59 and a two-hundred day moving average price of $16.41. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $4.61 billion, a P/E ratio of -10.41, a PEG ratio of 2.93 and a beta of 2.27. Macerich Company has a 1 year low of $12.48 and a 1 year 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 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 for the quarter, compared to the consensus estimate of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.39 earnings per share. Research analysts forecast that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is presently -38.86%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MAC shares. Bank of America upgraded Macerich from a "neutral" rating to a "buy" rating and increased their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 26th. Scotiabank increased their price objective on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Wall Street Zen lowered Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. increased their price objective on Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Wednesday, August 27th. Finally, Evercore ISI increased their price objective on Macerich from $18.00 to $20.00 and gave the stock an "in-line" rating in a report on Monday, September 15th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $20.11.

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.

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