Mitsubishi UFJ Asset Management Co. Ltd. Takes $6.14 Million Position in Macerich Company (The) $MAC

Key Points

• Mitsubishi UFJ Asset Management bought 243,743 Macerich shares worth approximately $6.14 million, acquiring a roughly 0.09% stake. Institutional investors collectively own 87.38% of the REIT.
• Macerich reported quarterly EPS of negative $0.10, missing estimates of negative $0.05, although revenue of $249.71 million exceeded expectations. Analysts expect full-year EPS of $1.49.
• The company declared a quarterly dividend of $0.17 per share, equal to $0.68 annually and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $25.75.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Macerich Company (The) (NYSE:MAC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 243,743 shares of the real estate investment trust's stock, valued at approximately $6,140,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.09% of Macerich as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust's stock worth $245,322,000 after acquiring an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust's stock valued at $250,242,000 after purchasing an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust's stock valued at $122,008,000 after purchasing an additional 70,132 shares during the last quarter. Centersquare Investment Management LLC lifted its stake in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock valued at $117,307,000 after purchasing an additional 3,808,336 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Macerich by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust's stock worth $93,030,000 after purchasing an additional 123,769 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Stock Performance

Shares of NYSE MAC opened at $24.37 on Friday. Macerich Company has a 12 month low of $16.03 and a 12 month high of $26.67. The company has a market cap of $6.91 billion, a P/E ratio of -37.49, a P/E/G ratio of 1.74 and a beta of 2.07. The business's 50 day moving average is $25.04 and its two-hundred day moving average is $22.23. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The company had revenue of $249.71 million during 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 company's revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.33 EPS. On average, equities analysts expect that Macerich Company will post 1.49 EPS for the current year.

Macerich Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. Macerich's dividend payout ratio is currently -104.62%.

Analyst Ratings Changes

Several research firms have weighed in on MAC. Deutsche Bank Aktiengesellschaft upgraded Macerich from a "hold" rating to a "buy" rating and raised their target price for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. Griffin Securities set a $26.00 target price on Macerich in a report on Tuesday. KeyCorp upped their target price on Macerich from $25.00 to $27.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 10th. LADENBURG THALM/SH SH increased their price target on Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday, June 16th. Finally, Evercore set a $25.00 price target on shares of Macerich in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.75.

About Macerich

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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