Macerich Company (The) $MAC Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp has increased its stake in Macerich Company by 3.6% in the first quarter, holding a total of 4,357,185 shares valued at approximately $74.8 million.
• Macerich reported $0.32 EPS for the quarter, missing estimates, although its revenue increased by 15.9% year-over-year to $249.79 million.
• The company declared a quarterly dividend of $0.17 per share, with a yield of 3.8%, to be paid on September 23rd.

Northern Trust Corp increased its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,357,185 shares of the real estate investment trust's stock after buying an additional 151,295 shares during the period. Northern Trust Corp owned about 1.72% of Macerich worth $74,813,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MAC. Lazard Asset Management LLC purchased a new stake in Macerich during the fourth quarter worth about $45,000. State of Wyoming purchased a new stake in Macerich during the fourth quarter worth about $55,000. Signaturefd LLC boosted its holdings in Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after buying an additional 862 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in Macerich during the fourth quarter worth about $83,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Macerich during the fourth quarter worth about $90,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Trading Down 0.4%

Shares of NYSE:MAC traded down $0.07 during trading on Friday, reaching $18.43. The stock had a trading volume of 1,060,829 shares, compared to its average volume of 1,766,827. The business has a fifty day moving average price of $16.93 and a 200-day moving average price of $16.52. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The stock has a market cap of $4.66 billion, a P/E ratio of -10.53, a PEG ratio of 3.55 and a beta of 2.22. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The firm had revenue of $249.79 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS. As a group, analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's payout ratio is currently -38.86%.

Analyst Ratings Changes

A number of research firms recently commented on MAC. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and decreased their price objective for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. LADENBURG THALM/SH SH started coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 target price for the company. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a research report on Thursday, May 22nd. JPMorgan Chase & Co. lifted their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Wednesday. Finally, Scotiabank lifted their target price on shares of Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Thursday. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $19.78.

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.