TCTC Holdings LLC Purchases New Position in Macerich Company (The) (NYSE:MAC)

Key Points

• TCTC Holdings LLC made a new investment in Macerich Company, purchasing 84,385 shares valued at approximately $1.45 million.
• Research firms have varied opinions on Macerich, with Scotiabank lowering their price target to $16.00 while LADENBURG THALM/SH SH set a buy rating with a $25.00 target price.
• Despite a challenging market environment, Macerich reported a 19.3% year-over-year revenue growth, with quarterly earnings beating estimates at $0.33 EPS.

TCTC Holdings LLC purchased a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 84,385 shares of the real estate investment trust's stock, valued at approximately $1,449,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MAC. Raymond James Financial Inc. bought a new position in shares of Macerich during the 4th quarter worth $450,000. Corient Private Wealth LLC bought a new position in shares of Macerich during the 4th quarter worth $273,000. Quantbot Technologies LP bought a new position in shares of Macerich during the 4th quarter worth $30,000. KLP Kapitalforvaltning AS bought a new position in shares of Macerich during the 4th quarter worth $993,000. Finally, Corebridge Financial Inc. grew its position in shares of Macerich by 1.6% during the 4th quarter. Corebridge Financial Inc. now owns 126,366 shares of the real estate investment trust's stock worth $2,517,000 after buying an additional 2,023 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on MAC. Truist Financial increased their price target on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Scotiabank dropped their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. LADENBURG THALM/SH SH initiated coverage on Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 price objective on the stock. Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. Finally, Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a research report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $19.26.

Macerich Stock Down 2.7%

Macerich stock traded down $0.46 during midday trading on Friday, reaching $16.26. The company's stock had a trading volume of 1,296,642 shares, compared to its average volume of 2,007,381. The stock's 50-day simple moving average is $16.31 and its 200-day simple moving average is $16.98. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.09 and a quick ratio of 1.09. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The stock has a market capitalization of $4.11 billion, a P/E ratio of -37.84, a PEG ratio of 3.20 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 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 company had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. During the same period last year, the business posted $0.33 earnings per share. The firm's revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts expect that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.2%. Macerich's payout ratio is -158.14%.

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.