T. Rowe Price Investment Management Inc. Has $105.26 Million Holdings in Macerich Company (The) $MAC

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in Macerich Company by 40.1%, owning approximately 2.43% of the company's shares after acquiring an additional 1.75 million shares.
• The company declared a quarterly dividend of $0.17 per share, yielding 4.0%, payable to stockholders of record on September 9th.
• Research analysts have mixed ratings for Macerich, with an average consensus rating of "Hold" and a price target of $19.26.

T. Rowe Price Investment Management Inc. boosted its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 40.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,130,323 shares of the real estate investment trust's stock after acquiring an additional 1,754,466 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.43% of Macerich worth $105,258,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of MAC. Bamco Inc. NY boosted its holdings in Macerich by 175.8% in the fourth 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 during the last quarter. Nuveen LLC acquired a new stake in Macerich during the first quarter valued at approximately $32,554,000. Northern Trust Corp raised its position in shares of Macerich by 56.7% during the 4th quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after acquiring an additional 1,522,147 shares during the last quarter. GRS Advisors LLC acquired a new position in shares of Macerich during the 4th quarter worth about $23,097,000. Finally, Woodline Partners LP acquired a new stake in Macerich during the fourth quarter worth approximately $16,778,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

Shares of NYSE MAC traded down $0.03 during mid-day trading on Wednesday, hitting $18.21. 437,018 shares of the company were exchanged, compared to its average volume of 1,979,379. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The stock has a 50 day simple moving average of $16.78 and a 200-day simple moving average of $16.57. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -10.41, a price-to-earnings-growth ratio of 3.48 and a beta of 2.22.

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

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.7%. Macerich's dividend payout ratio (DPR) is currently -38.86%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MAC. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a report on Friday, July 18th. They issued a "buy" rating and a $25.00 target price 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 research report on Monday, June 9th. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their target price for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Piper Sandler raised shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective for the company in a research report on Thursday, May 22nd. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average 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.