M&T Bank Corp Takes $1.32 Million Position in Macerich Company (The) $MAC

Key Points

• M&T Bank Corp bought a new stake of 71,237 shares in Macerich (NYSE:MAC) during Q4, valued at about $1.32 million, and institutional investors now own roughly 87.38% of the company's stock.
• Macerich missed Q4 earnings with EPS of -$0.07 versus $0.43 expected, reported $261.7M in revenue (down 4.4% YoY) and has negative net margin and ROE; shares trade around $21.83 and the company pays a $0.17 quarterly dividend (~3.1% yield).
• Wall Street consensus is a Hold with an average price target of $20.77, based on 7 Buys, 3 Holds and 3 Sells.

M&T Bank Corp bought a new stake in Macerich Company (The) (NYSE:MAC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 71,237 shares of the real estate investment trust's stock, valued at approximately $1,315,000.

Other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC increased its holdings in shares of Macerich by 76.8% in the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 585 shares during the period. Triumph Capital Management acquired a new position in shares of Macerich in the third quarter valued at approximately $33,000. Salomon & Ludwin LLC increased its holdings in shares of Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 1,336 shares during the period. Danske Bank A S acquired a new position in shares of Macerich in the third quarter valued at approximately $56,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Macerich by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust's stock valued at $100,000 after purchasing an additional 858 shares during the period. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Trading Up 0.4%

Shares of MAC stock opened at $21.83 on Thursday. The business's fifty day moving average price is $20.06 and its 200 day moving average price is $18.73. Macerich Company has a 1-year low of $14.16 and a 1-year high of $22.56. The firm has a market capitalization of $5.68 billion, a PE ratio of -28.35, a P/E/G ratio of 1.49 and a beta of 2.20. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.02.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.50). The business had revenue of $261.70 million for the quarter, compared to analyst estimates of $260.48 million. Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The company's revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.47 EPS. As a group, sell-side analysts forecast that Macerich Company will post 1.46 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Monday, March 16th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.68 annualized dividend and a yield of 3.1%. Macerich's dividend payout ratio is -88.31%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on MAC shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Macerich in a report on Thursday, January 22nd. Morgan Stanley set a $20.00 price objective on Macerich in a report on Tuesday, April 14th. Citigroup upped their price objective on Macerich from $19.00 to $21.00 and gave the stock a "neutral" rating in a report on Wednesday, February 25th. KeyCorp set a $25.00 price objective on Macerich and gave the stock an "overweight" rating in a report on Monday, February 23rd. Finally, Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $20.77.

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.

Want to see what other hedge funds are holding MAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macerich Company (The) (NYSE:MAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.