Principal Financial Group Inc. Has $21.25 Million Position in Macerich Company (The) (NYSE:MAC)

Principal Financial Group Inc. lifted its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 4.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,237,644 shares of the real estate investment trust's stock after acquiring an additional 47,415 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Macerich worth $21,250,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Teacher Retirement System of Texas bought a new position in shares of Macerich during the 1st quarter worth about $622,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Macerich by 1.2% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 269,717 shares of the real estate investment trust's stock valued at $4,631,000 after purchasing an additional 3,175 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Macerich by 5.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 132,219 shares of the real estate investment trust's stock valued at $2,270,000 after purchasing an additional 7,053 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in Macerich by 3.5% during the 1st 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 purchasing an additional 12,327 shares during the last quarter. Finally, Vanderbilt University lifted its holdings in Macerich by 11.7% during the 1st quarter. Vanderbilt University now owns 68,601 shares of the real estate investment trust's stock valued at $1,178,000 after purchasing an additional 7,202 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Trading Down 0.8%

Shares of NYSE:MAC traded down $0.13 during trading on Friday, hitting $16.27. 1,149,908 shares of the company's stock were exchanged, compared to its average volume of 1,936,890. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The firm has a 50-day moving average price of $15.90 and a two-hundred day moving average price of $17.26. 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 firm has a market cap of $4.11 billion, a P/E ratio of -37.82, a PEG ratio of 5.33 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last issued 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. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The company had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. During the same quarter in the previous year, the company earned $0.33 EPS. Macerich's revenue was up 19.3% on a year-over-year basis. Equities analysts predict that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared 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. This represents a $0.68 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Tuesday, June 3rd. Macerich's dividend payout ratio is -158.14%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. Morgan Stanley cut their price target on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Piper Sandler raised shares of 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. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and cut their price target for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, Scotiabank cut their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target 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.