Raymond James Financial Inc. Buys Shares of 22,578 The Macerich Company (NYSE:MAC)

Raymond James Financial Inc. acquired a new position in The Macerich Company (NYSE:MAC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 22,578 shares of the real estate investment trust's stock, valued at approximately $450,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Quantbot Technologies LP bought a new stake in Macerich during the 4th quarter worth approximately $30,000. Blue Trust Inc. raised its position in Macerich by 68.8% during the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust's stock valued at $48,000 after purchasing an additional 1,064 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of Macerich by 314.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust's stock worth $69,000 after purchasing an additional 2,630 shares during the period. GAMMA Investing LLC increased its position in shares of Macerich by 36.5% during the 4th quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust's stock valued at $87,000 after purchasing an additional 1,174 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Macerich in the 4th quarter worth about $99,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Price Performance

NYSE MAC traded down $0.47 on Tuesday, hitting $16.07. The company had a trading volume of 1,996,347 shares, compared to its average volume of 1,936,391. The company has a market capitalization of $4.06 billion, a PE ratio of 41.21, a PEG ratio of 0.71 and a beta of 2.13. The Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company's fifty day moving average price is $15.59 and its 200-day moving average price is $18.52. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business's revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, analysts predict that The 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, June 17th. Shareholders of record on Tuesday, June 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.23%. Macerich's payout ratio is -86.08%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MAC. Scotiabank lowered their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley lowered their price objective on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 1st. The Goldman Sachs Group decreased their price objective on shares of Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a research report on Monday, March 10th. JPMorgan Chase & Co. cut their target price on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research report on Monday, March 10th. Finally, Piper Sandler reduced their price target on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating for the company in a research report on Friday, February 28th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $18.95.

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.