TD Asset Management Inc Takes $985,000 Position in Macerich Company (The) (NYSE:MAC)

Key Points

• TD Asset Management Inc has acquired a new stake in Macerich Company, purchasing 57,342 shares valued at approximately $985,000.
• The quarterly earnings report showed a profit of $0.33 EPS, surpassing estimates, and a year-over-year revenue increase of 19.3% to $249.22 million.
• Macerich announced a quarterly dividend of $0.17 per share, with a yield of 4.1%, despite a negative dividend payout ratio of -158.14%.

TD Asset Management Inc purchased a new position in Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 57,342 shares of the real estate investment trust's stock, valued at approximately $985,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Lazard Asset Management LLC acquired a new stake in shares of Macerich during the fourth quarter worth $45,000. State of Wyoming acquired a new stake in shares of Macerich in the fourth quarter worth approximately $55,000. Signaturefd LLC increased its position in Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in Macerich during the fourth quarter worth approximately $83,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Macerich in the 4th quarter valued at $90,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Stock Up 1.6%

Shares of Macerich stock traded up $0.26 on Friday, hitting $16.84. 814,174 shares of the company's stock traded hands, compared to its average volume of 1,990,887. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.91. The stock has a market cap of $4.26 billion, a P/E ratio of -39.13, a PEG ratio of 3.28 and a beta of 2.22. The firm's 50-day moving average is $16.43 and its 200 day moving average is $16.87.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to analyst estimates of $221.61 million. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The firm's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period last year, the business earned $0.33 EPS. Equities analysts anticipate that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's payout ratio is currently -158.14%.

Analyst Upgrades and Downgrades

MAC has been the subject of a number of research analyst reports. Scotiabank dropped their price objective on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Truist Financial upped their price target on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. LADENBURG THALM/SH SH started coverage on Macerich in a report on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective on the stock. 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 note on Thursday, May 22nd. Finally, Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $19.26.

Macerich Company 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.