Nuveen LLC Buys Shares of 1,895,980 Macerich Company (The) $MAC

Key Points

• Nuveen LLC has acquired a new stake in Macerich Company, purchasing approximately 1.9 million shares valued at around $32.6 million, representing about 0.75% of the company as of its latest SEC filing.
• Macerich recently reported earnings per share (EPS) of $0.32 for the last quarter, which was below the expected EPS of $0.34, while the company's revenue increased by 15.9% year-over-year.
• The company announced a quarterly dividend of $0.17 to be paid to investors of record on September 9th, translating to an annualized dividend yield of 4.0%.

Nuveen LLC purchased a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,895,980 shares of the real estate investment trust's stock, valued at approximately $32,554,000. Nuveen LLC owned 0.75% of Macerich as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in shares of Macerich during the 4th quarter worth approximately $45,000. State of Wyoming acquired a new stake in Macerich in the fourth quarter worth $55,000. Signaturefd LLC grew its holdings in Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Macerich during the fourth quarter valued at about $83,000. Finally, GF Fund Management CO. LTD. purchased a new position in Macerich during the fourth quarter worth about $90,000. Institutional investors own 87.38% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on MAC. Scotiabank cut their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Truist Financial upped their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.26.

Macerich Stock Performance

NYSE MAC traded down $0.0650 on Thursday, reaching $17.1350. The stock had a trading volume of 565,415 shares, compared to its average volume of 1,986,414. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The business's 50-day moving average price is $16.63 and its 200 day moving average price is $16.67. The stock has a market cap of $4.33 billion, a P/E ratio of -9.79, a price-to-earnings-growth ratio of 3.35 and a beta of 2.22.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results 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). Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. During the same quarter last year, the company earned $0.39 EPS. Macerich's revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities analysts expect that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be given a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 4.0%. Macerich's dividend payout ratio 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.