Woodline Partners LP Makes New Investment in The Macerich Company (NYSE:MAC)

Woodline Partners LP bought a new position in shares of The Macerich Company (NYSE:MAC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 842,283 shares of the real estate investment trust's stock, valued at approximately $16,778,000. Woodline Partners LP owned approximately 0.34% of Macerich at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Macerich by 87.3% in the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust's stock valued at $439,192,000 after buying an additional 10,274,895 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust's stock valued at $200,222,000 after buying an additional 8,988,665 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Macerich by 13.2% in the fourth quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust's stock valued at $769,260,000 after buying an additional 4,503,509 shares in the last quarter. Bamco Inc. NY increased its holdings in shares of Macerich by 175.8% in the fourth quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock valued at $93,135,000 after buying an additional 2,980,051 shares in the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Macerich by 463.6% in the fourth quarter. Prudential Financial Inc. now owns 2,590,689 shares of the real estate investment trust's stock valued at $51,607,000 after buying an additional 2,131,030 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on MAC. JPMorgan Chase & Co. dropped their price target on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a report on Monday, March 10th. Scotiabank reduced their target price on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a report on Thursday. Morgan Stanley reduced their target price on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Finally, Truist Financial upgraded Macerich from a "hold" rating to a "buy" rating and set a $19.00 target price for the company in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $18.95.

Macerich Stock Up 2.2%

Shares of Macerich stock traded up $0.33 during trading hours on Tuesday, reaching $15.22. 237,232 shares of the company's stock were exchanged, compared to its average volume of 2,136,642. The company has a 50 day moving average of $15.35 and a two-hundred day moving average of $18.29. The Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock has a market cap of $3.85 billion, a P/E ratio of 39.03, a P/E/G ratio of 0.71 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. Macerich's revenue was up 19.3% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. On average, sell-side analysts forecast that The Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 4.47%. Macerich's dividend payout ratio is presently -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.