Ameriprise Financial Inc. Has $10,037,000 Stake in The Macerich Co. (MAC)
Ameriprise Financial Inc. raised its position in The Macerich Co. (NYSE:MAC) by 58.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 117,535 shares of the real estate investment trust’s stock after buying an additional 43,221 shares during the period. Ameriprise Financial Inc. owned about 0.08% of The Macerich worth $10,037,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of The Macerich by 79.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,405,634 shares of the real estate investment trust’s stock worth $190,623,000 after buying an additional 1,062,848 shares during the period. Quadrature Capital Ltd acquired a new position in shares of The Macerich during the first quarter worth about $14,390,000. Rafferty Asset Management LLC raised its position in shares of The Macerich by 49.1% in the first quarter. Rafferty Asset Management LLC now owns 20,881 shares of the real estate investment trust’s stock worth $1,655,000 after buying an additional 6,876 shares during the period. Kempen Capital Management N.V. raised its position in shares of The Macerich by 19.1% in the first quarter. Kempen Capital Management N.V. now owns 40,755 shares of the real estate investment trust’s stock worth $3,230,000 after buying an additional 6,530 shares during the period. Finally, OMERS ADMINISTRATION Corp raised its position in shares of The Macerich by 27.5% in the first quarter. OMERS ADMINISTRATION Corp now owns 11,600 shares of the real estate investment trust’s stock worth $919,000 after buying an additional 2,500 shares during the period. Institutional investors own 94.66% of the company’s stock.
The Macerich Co. (NYSE:MAC) traded up 0.46% on Friday, reaching $80.87. The company had a trading volume of 857,405 shares. The stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of 13.58 and a beta of 0.98. The Macerich Co. has a 12 month low of $71.82 and a 12 month high of $94.51. The firm has a 50 day moving average price of $81.89 and a 200-day moving average price of $81.21.
The Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. The business had revenue of $259.90 million for the quarter, compared to analyst estimates of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The Macerich’s revenue for the quarter was down 19.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. Analysts forecast that The Macerich Co. will post $4.11 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Friday, August 19th were given a $0.68 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $2.72 dividend on an annualized basis and a yield of 3.36%. The Macerich’s payout ratio is 45.87%.
A number of research analysts have issued reports on the company. Credit Suisse Group AG reiterated a “sell” rating and set a $78.00 price target on shares of The Macerich in a research report on Tuesday, August 2nd. Deutsche Bank AG boosted their price objective on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a research note on Monday, July 18th. JPMorgan Chase & Co. boosted their price objective on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Zacks Investment Research downgraded The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Canaccord Genuity boosted their price objective on The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a research note on Tuesday, August 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. The Macerich presently has an average rating of “Hold” and a consensus target price of $87.73.
In other The Macerich news, EVP Robert D. Perlmutter sold 1,500 shares of the stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $81.52, for a total value of $122,280.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Randy L. Brant sold 24,250 shares of the stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $83.10, for a total value of $2,015,175.00. The disclosure for this sale can be found here. 3.54% of the stock is owned by company insiders.
About The Macerich
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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