Northern Trust Corp Raises Stock Position in Macerich Company (The) $MAC

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 raised its holdings in Macerich Company (The) (NYSE:MAC - Free Report) by 3.6% during the first quarter, according to 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 large investors have also recently made changes to their positions in MAC. Lazard Asset Management LLC bought a new position in shares of Macerich in the fourth quarter valued at $45,000. State of Wyoming bought a new position in shares of Macerich in the fourth quarter valued at $55,000. Signaturefd LLC lifted its stake in shares of Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock valued at $57,000 after buying an additional 862 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Macerich in the fourth quarter valued at $83,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Macerich in the fourth quarter valued at $90,000. 87.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MAC shares. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. Wall Street Zen lowered shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. 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 price target on the stock. Scotiabank raised their price target on shares of Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on shares of Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $19.78.

Macerich Stock Performance

MAC stock traded up $0.08 during mid-day trading on Thursday, hitting $18.48. The company had a trading volume of 1,016,732 shares, compared to its average volume of 1,982,606. The firm has a market cap of $4.67 billion, a PE ratio of -10.56, a price-to-earnings-growth ratio of 3.52 and a beta of 2.22. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. Macerich Company has a 12 month low of $12.48 and a 12 month high of $22.27. The stock's fifty day moving average price is $16.83 and its two-hundred day moving average price is $16.58.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $249.79 million during the quarter, compared to the consensus estimate of $245.19 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The business's revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. On average, analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a dividend yield of 3.7%. Macerich's dividend payout ratio (DPR) is presently -38.86%.

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.