Macerich Company (The) (NYSE:MAC) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Macerich Company (The) (NYSE:MAC - Free Report) by 4.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,237,644 shares of the real estate investment trust's stock after purchasing an additional 47,415 shares during the quarter. Principal Financial Group Inc. owned approximately 0.49% of Macerich worth $21,250,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MAC. FIL Ltd increased its holdings in shares of Macerich by 4.7% during the fourth quarter. FIL Ltd now owns 1,158,518 shares of the real estate investment trust's stock valued at $23,078,000 after acquiring an additional 51,994 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Macerich by 3.5% during the first quarter. Asset Management One Co. Ltd. now owns 367,295 shares of the real estate investment trust's stock valued at $6,306,000 after acquiring an additional 12,327 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Macerich by 2.2% during the fourth quarter. Victory Capital Management Inc. now owns 90,988 shares of the real estate investment trust's stock valued at $1,812,000 after acquiring an additional 1,930 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Macerich by 1,644.0% during the first quarter. GAMMA Investing LLC now owns 76,527 shares of the real estate investment trust's stock valued at $1,314,000 after acquiring an additional 72,139 shares in the last quarter. Finally, Waterfront Capital Partners LLC acquired a new position in shares of Macerich during the fourth quarter valued at about $12,314,000. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Performance

Macerich stock traded up $0.07 during mid-day trading on Thursday, hitting $16.40. The company had a trading volume of 1,774,514 shares, compared to its average volume of 1,937,697. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of -38.14, a P/E/G ratio of 5.29 and a beta of 2.13. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. The company's fifty day moving average is $15.85 and its 200-day moving average is $17.34.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The firm had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. During the same quarter last year, the firm posted $0.33 EPS. The business's revenue was up 19.3% on a year-over-year basis. Equities research analysts predict that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.15%. Macerich's dividend payout ratio (DPR) is -158.14%.

Analysts Set New Price Targets

MAC has been the topic of several recent analyst reports. Scotiabank cut their price objective 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. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and dropped their target price for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. Morgan Stanley dropped their target price on Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 1st. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research report on Thursday, May 22nd. Finally, Truist Financial upped their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Macerich currently has an average rating of "Hold" and an average target price of $18.78.

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.