Phocas Financial Corp. Makes New $3.42 Million Investment in Macerich Company (The) (NYSE:MAC)

Key Points

• Phocas Financial Corp. acquired 199,112 shares of Macerich Company (NYSE:MAC) during the 1st quarter, valued at approximately $3.42 million, representing about 0.08% ownership in the company.
• Macerich reported $0.33 earnings per share for the latest quarter, exceeding estimates, with revenue of $249.22 million, a 19.3% increase compared to the previous year.
• The company announced a quarterly dividend of $0.17, to be paid on September 23rd, with a yield of 4.2% despite a payout ratio of -158.14%.

Phocas Financial Corp. acquired 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 SEC. The firm acquired 199,112 shares of the real estate investment trust's stock, valued at approximately $3,419,000. Phocas Financial Corp. owned approximately 0.08% of Macerich at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new stake in Macerich during the 4th quarter worth about $45,000. State of Wyoming purchased a new stake in Macerich during the 4th quarter worth about $55,000. Signaturefd LLC increased its position in Macerich by 34.9% during the 1st 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 in the last quarter. Raiffeisen Bank International AG purchased a new stake in Macerich in the 4th quarter valued at about $83,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Macerich in the 4th quarter valued at about $90,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Up 0.5%

Macerich stock traded up $0.08 during midday trading on Tuesday, hitting $16.60. 212,869 shares of the company were exchanged, compared to its average volume of 1,995,910. The company's fifty day moving average price is $16.37 and its 200-day moving average price is $16.89. The company has a market cap of $4.19 billion, a PE ratio of -38.62, a price-to-earnings-growth ratio of 3.12 and a beta of 2.22. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.09 and a quick ratio of 1.09. 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 released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. Macerich's revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 EPS. On average, research analysts predict that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

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 issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 4.1%. Macerich's payout ratio is currently -158.14%.

Analyst Ratings Changes

Several research firms have commented on MAC. LADENBURG THALM/SH SH began coverage on Macerich in a report on Friday, July 18th. They issued a "buy" rating and a $25.00 price target for the company. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a report on Thursday, May 22nd. Scotiabank lowered their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and lowered their price target for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, Truist Financial lifted their price target on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $19.26.

Macerich Profile

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.