Quantbot Technologies LP Increases Position in Macerich Company (The) $MAC

Key Points

• Quantbot Technologies LP significantly increased its stock position in Macerich Company by 2,140.6%, owning 34,303 shares valued at $589,000 as of its latest SEC filing.
• Analysts show a mixed consensus on Macerich's stock, with five rating it as a "Buy" and others maintaining "Hold" and "Sell" ratings, leading to a consensus target price of $19.26.
• Macerich reported a quarterly revenue increase of 15.9% year-over-year, despite missing earnings expectations with $0.32 EPS against a consensus estimate of $0.34.

Quantbot Technologies LP lifted its holdings in Macerich Company (The) (NYSE:MAC - Free Report) by 2,140.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,303 shares of the real estate investment trust's stock after purchasing an additional 32,772 shares during the period. Quantbot Technologies LP's holdings in Macerich were worth $589,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Bamco Inc. NY increased its stake in shares of Macerich by 175.8% in the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock valued at $93,135,000 after purchasing an additional 2,980,051 shares in the last quarter. Northern Trust Corp increased its stake in shares of Macerich by 3.6% in the 1st quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after purchasing an additional 151,295 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Macerich by 8.2% in the 4th quarter. Ameriprise Financial Inc. now owns 3,280,658 shares of the real estate investment trust's stock valued at $65,351,000 after purchasing an additional 249,592 shares in the last quarter. Centersquare Investment Management LLC increased its stake in shares of Macerich by 3.3% in the 1st quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock valued at $35,749,000 after purchasing an additional 66,648 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Macerich in the 1st quarter worth about $32,554,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MAC. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and lowered their price objective for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a report on Thursday, May 22nd. JPMorgan Chase & Co. lifted their price objective on Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Wednesday. 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 objective on the stock. Finally, Wall Street Zen cut Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $19.78.

Macerich Price Performance

Shares of Macerich stock traded down $0.07 on Friday, hitting $18.43. 1,060,829 shares of the company were exchanged, compared to its average volume of 1,712,325. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -10.53, a price-to-earnings-growth ratio of 3.55 and a beta of 2.27. The company has a 50-day moving average price of $16.93 and a 200 day moving average price of $16.50. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 earnings per share. As a group, sell-side analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's payout ratio is presently -38.86%.

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.