Victory Capital Management Inc. Purchases 210,079 Shares of Macerich Company (The) (NYSE:MAC)

Key Points

• Victory Capital Management Inc. increased its stake in Macerich Company by 230.9%, acquiring an additional 210,079 shares and holding a total of 301,067 shares worth approximately $5.17 million.
• Major institutional investors, including Vanguard Group Inc. and FMR LLC, have significantly boosted their holdings in Macerich, contributing to a total of 87.38% institutional ownership of the company.
• Macerich reported a quarterly EPS of $0.33, surpassing analysts' expectations, while also announcing a quarterly dividend of $0.17 per share with a yield of 3.85%.

Victory Capital Management Inc. lifted its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 230.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 301,067 shares of the real estate investment trust's stock after purchasing an additional 210,079 shares during the period. Victory Capital Management Inc. owned 0.12% of Macerich worth $5,169,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MAC. FIL Ltd increased its stake in shares of Macerich by 4.7% in the 4th quarter. FIL Ltd now owns 1,158,518 shares of the real estate investment trust's stock valued at $23,078,000 after acquiring an additional 51,994 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Macerich by 3.5% in the first quarter. Asset Management One Co. Ltd. now owns 367,295 shares of the real estate investment trust's stock valued at $6,306,000 after buying an additional 12,327 shares during the period. GAMMA Investing LLC raised its position in Macerich by 1,644.0% during the first quarter. GAMMA Investing LLC now owns 76,527 shares of the real estate investment trust's stock valued at $1,314,000 after purchasing an additional 72,139 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Macerich by 0.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 331,726 shares of the real estate investment trust's stock worth $5,696,000 after purchasing an additional 3,032 shares in the last quarter. Finally, Waterfront Capital Partners LLC acquired a new stake in shares of Macerich during the fourth quarter worth $12,314,000. Institutional investors own 87.38% of the company's stock.

Analysts Set New Price Targets

MAC has been the subject of a number of recent research reports. Morgan Stanley decreased their price target on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 1st. Scotiabank decreased their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler upgraded 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. LADENBURG THALM/SH SH began coverage on shares of Macerich in a research report on Friday, July 18th. They set a "buy" rating and a $25.00 price target for the company. Finally, Truist Financial increased their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $19.26.

Macerich Price Performance

Shares of Macerich stock traded down $0.65 during trading hours on Wednesday, hitting $16.55. The company's stock had a trading volume of 2,239,654 shares, compared to its average volume of 1,377,631. The company has a market cap of $4.18 billion, a PE ratio of -38.49, a PEG ratio of 3.32 and a beta of 2.13. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.09 and a current ratio of 1.09. The business has a 50 day moving average price of $16.28 and a two-hundred day moving average price of $16.99. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $221.61 million. During the same period in the previous year, the firm earned $0.33 EPS. The firm's revenue was up 19.3% compared to the same quarter last year. Analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

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.