Woodline Partners LP Acquires 49,268 Shares of Macerich Company (The) $MAC

Key Points

• Woodline Partners LP increased its stake in Macerich Company by 5.8%, acquiring an additional 49,268 shares in the first quarter, bringing its total ownership to 891,551 shares valued at approximately $15.3 million.
• Analyst ratings for Macerich vary, with some firms raising target prices, while others have downgraded the stock; the consensus rating is currently a "Hold" with a target price of $19.78.
• Macerich recently announced a quarterly dividend of $0.17 per share, set to be paid on September 23rd, representing an annualized dividend yield of 3.8% despite a negative dividend payout ratio.

Woodline Partners LP grew its position in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 891,551 shares of the real estate investment trust's stock after acquiring an additional 49,268 shares during the period. Woodline Partners LP owned about 0.35% of Macerich worth $15,308,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of MAC. Lazard Asset Management LLC bought a new position in Macerich in the fourth quarter worth about $45,000. State of Wyoming bought a new position in Macerich in the fourth quarter worth about $55,000. Signaturefd LLC raised its stake in Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after buying an additional 862 shares in the last quarter. Quarry LP raised its stake in Macerich by 2,691.6% in the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock worth $57,000 after buying an additional 3,203 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new position in Macerich in the fourth quarter worth about $83,000. 87.38% of the stock is owned by institutional investors.

Macerich Stock Performance

MAC stock traded down $0.22 on Tuesday, hitting $17.88. The company had a trading volume of 325,124 shares, compared to its average volume of 1,950,404. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. The stock's 50-day simple moving average is $17.38 and its 200 day simple moving average is $16.37. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of -10.21, a P/E/G ratio of 3.50 and a beta of 2.27.

Macerich (NYSE:MAC - Get Free Report) last issued its 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 company had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. During the same quarter in the prior year, the business posted $0.39 EPS. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities research analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

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 given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is presently -38.86%.

Analysts Set New Price Targets

MAC has been the subject of a number of research reports. Truist Financial increased their price target on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a report on Thursday, May 22nd. Scotiabank upped their price objective on shares of Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and cut their price objective for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a report on Wednesday, August 27th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Macerich presently has a consensus rating of "Hold" and an average target price of $19.80.

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.