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

A number of other hedge funds and other institutional investors have also recently modified their holdings of MAC. Mercer Global Advisors Inc. ADV purchased a new position in shares of Macerich during the 4th quarter valued at $304,000. Deutsche Bank AG lifted its position in shares of Macerich by 63.8% in the fourth quarter. Deutsche Bank AG now owns 926,459 shares of the real estate investment trust's stock valued at $18,455,000 after acquiring an additional 360,966 shares in the last quarter. Gotham Asset Management LLC boosted its stake in shares of Macerich by 8.4% in the fourth quarter. Gotham Asset Management LLC now owns 12,830 shares of the real estate investment trust's stock worth $256,000 after acquiring an additional 997 shares during the period. Lazard Asset Management LLC bought a new position in shares of Macerich in the fourth quarter worth about $45,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Macerich by 13.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 134,810 shares of the real estate investment trust's stock worth $2,685,000 after purchasing an additional 16,182 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on MAC. Scotiabank boosted their price target on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and lowered their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a research report on Thursday, May 22nd. LADENBURG THALM/SH SH assumed coverage on shares of Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 target price for the company. Finally, Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.78.

Macerich Price Performance

Shares of NYSE:MAC traded down $0.06 on Friday, reaching $18.17. The company's stock had a trading volume of 1,696,021 shares, compared to its average volume of 1,478,803. The company has a 50-day simple moving average of $17.34 and a 200 day simple moving average of $16.39. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $4.59 billion, a P/E ratio of -10.38, a PEG ratio of 3.52 and a beta of 2.27.

Macerich (NYSE:MAC - Get Free Report) last announced 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). The business had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, equities research analysts anticipate that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 3.7%. Macerich's payout ratio is -38.86%.

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.