Macerich Company (The) $MAC Shares Purchased by CI Investments Inc.

Key Points

• CI Investments Inc. increased its Macerich stake by 45.6% in the first quarter, buying 79,743 additional shares and bringing its total holding to 254,428 shares worth about $4.81 million.
• Macerich reported better-than-expected quarterly results, with EPS of $0.34 versus the $0.31 consensus and revenue of $241.54 million versus $233.06 million expected, though revenue still fell 3.1% year over year.
• Wall Street sentiment is generally positive, with several analysts raising price targets and the stock holding a consensus rating of “Moderate Buy” with a target price of $25.33.

CI Investments Inc. boosted its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 45.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 254,428 shares of the real estate investment trust's stock after acquiring an additional 79,743 shares during the quarter. CI Investments Inc. owned about 0.10% of Macerich worth $4,809,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Trust Advisors LP lifted its stake in shares of Macerich by 53.9% in the 1st quarter. First Trust Advisors LP now owns 138,561 shares of the real estate investment trust's stock valued at $2,619,000 after purchasing an additional 48,528 shares during the last quarter. Hanover Advisors Inc. increased its position in shares of Macerich by 4.9% during the 1st quarter. Hanover Advisors Inc. now owns 14,715 shares of the real estate investment trust's stock worth $278,000 after purchasing an additional 694 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Macerich by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,848,113 shares of the real estate investment trust's stock valued at $72,727,000 after acquiring an additional 65,331 shares during the last quarter. Swiss National Bank raised its position in Macerich by 1.7% in the first quarter. Swiss National Bank now owns 506,915 shares of the real estate investment trust's stock valued at $9,581,000 after purchasing an additional 8,500 shares during the period. Finally, B&I Capital AG raised its holdings in shares of Macerich by 7.2% in the 1st quarter. B&I Capital AG now owns 224,232 shares of the real estate investment trust's stock valued at $4,238,000 after buying an additional 15,000 shares during the period. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Price Performance

Macerich stock opened at $25.24 on Friday. Macerich Company has a 1 year low of $15.94 and a 1 year high of $26.23. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a 50 day moving average price of $24.12 and a 200 day moving average price of $21.27. The company has a market cap of $7.16 billion, a price-to-earnings ratio of -35.55, a PEG ratio of 1.79 and a beta of 2.06.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.03. The company had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. Macerich's revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 earnings per share. Sell-side analysts predict that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 15th. Macerich's payout ratio is -95.77%.

Wall Street Analyst Weigh In

MAC has been the topic of several analyst reports. Wall Street Zen raised shares of Macerich from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Citigroup raised shares of Macerich from a "neutral" rating to a "buy" rating and lifted their target price for the company from $24.00 to $28.00 in a report on Tuesday, June 23rd. Compass Point restated a "neutral" rating and issued a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. KeyCorp boosted their price objective on shares of Macerich from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Wednesday, June 10th. Finally, LADENBURG THALM/SH SH lifted their price objective on Macerich from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Macerich has a consensus rating of "Moderate Buy" and a consensus target price of $25.33.

Macerich 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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