Sei Investments Co. Purchases 174,089 Shares of Macerich Company (The) $MAC

Key Points

• Sei Investments increased its Macerich position by 92.1% in the first quarter, purchasing 174,089 additional shares and bringing its holdings to 363,148 shares valued at approximately $6.86 million.
• Institutional investors own 87.38% of Macerich, while analysts maintain a “Moderate Buy” consensus with an average price target of $25.33; recent targets range from $19 to $28.
• Macerich reported first-quarter EPS of $0.34, beating estimates of $0.31, and revenue of $241.54 million, though revenue declined 3.1% year over year and the company posted a negative net margin.

Sei Investments Co. boosted its position in Macerich Company (The) (NYSE:MAC - Free Report) by 92.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 363,148 shares of the real estate investment trust's stock after buying an additional 174,089 shares during the quarter. Sei Investments Co. owned approximately 0.14% of Macerich worth $6,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in MAC. Fifth Third Bancorp grew its stake in shares of Macerich by 14.7% during the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust's stock worth $69,000 after acquiring an additional 471 shares during the period. HighTower Advisors LLC raised its stake in Macerich by 1.2% in the 4th quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust's stock valued at $851,000 after acquiring an additional 530 shares during the period. Farther Finance Advisors LLC lifted its holdings in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after purchasing an additional 585 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Macerich by 2.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust's stock worth $455,000 after purchasing an additional 622 shares during the period. Finally, Osaic Holdings Inc. boosted its position in Macerich by 5.5% during the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust's stock worth $224,000 after purchasing an additional 637 shares during the period. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MAC. Truist Financial boosted their price target on shares of Macerich from $20.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Compass Point reaffirmed a "neutral" rating and issued a $26.00 price objective (up from $23.00) on shares of Macerich in a report on Friday, June 26th. The Goldman Sachs Group lifted their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a "sell" rating in a research note on Friday, May 15th. Piper Sandler boosted their target price on shares of Macerich from $21.00 to $28.00 and gave the company a "neutral" rating in a report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. raised Macerich from an "underweight" rating to a "neutral" rating and raised their price target for the stock from $23.00 to $25.00 in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.33.

Macerich Trading Up 0.1%

Shares of Macerich stock opened at $25.86 on Tuesday. Macerich Company has a 12-month low of $16.03 and a 12-month high of $26.67. The company has a market cap of $7.33 billion, a price-to-earnings ratio of -36.42, a PEG ratio of 1.82 and a beta of 2.07. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The company's 50-day moving average price is $24.67 and its 200-day moving average price is $21.64.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company had revenue of $241.54 million during the quarter, compared to analysts' expectations of $233.06 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. Macerich's revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts expect that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Profile

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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