Macerich Co (MAC) Shares Bought by Comerica Bank
Comerica Bank raised its position in Macerich Co (NYSE:MAC) by 3.5% during the first quarter, Holdings Channel reports. The firm owned 36,427 shares of the real estate investment trust’s stock after buying an additional 1,226 shares during the period. Comerica Bank’s holdings in Macerich were worth $2,284,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MAC. Advisory Services Network LLC acquired a new position in shares of Macerich during the first quarter worth approximately $167,000. Pacad Investment Ltd. increased its position in shares of Macerich by 1,700.0% in the fourth quarter. Pacad Investment Ltd. now owns 3,600 shares of the real estate investment trust’s stock worth $255,000 after buying an additional 3,400 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Macerich during the fourth quarter worth approximately $277,000. Tyers Asset Management LLC acquired a new position in shares of Macerich during the fourth quarter worth approximately $294,000. Finally, Cigna Investments Inc. New acquired a new position in shares of Macerich during the fourth quarter worth approximately $334,000. 93.27% of the stock is owned by institutional investors.
Macerich Co (NYSE:MAC) opened at 56.80 on Tuesday. The stock’s 50 day moving average price is $60.88 and its 200-day moving average price is $65.88. Macerich Co has a 12 month low of $56.19 and a 12 month high of $94.51. The firm has a market capitalization of $8.05 billion, a P/E ratio of 49.82 and a beta of 0.79.
Macerich (NYSE:MAC) last released its earnings results on Thursday, April 27th. The real estate investment trust reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.03. The firm had revenue of $219.90 million for the quarter, compared to analysts’ expectations of $222.65 million. Macerich had a return on equity of 6.87% and a net margin of 30.28%. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.87 EPS. Equities analysts forecast that Macerich Co will post $0.82 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 2nd. Shareholders of record on Friday, May 5th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 5.00%. The ex-dividend date was Wednesday, May 3rd. Macerich’s payout ratio is 83.04%.
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MAC has been the subject of a number of recent research reports. Mizuho reissued a “buy” rating and issued a $82.00 price objective on shares of Macerich in a research note on Monday, March 13th. Royal Bank of Canada reissued a “buy” rating and issued a $73.00 price objective on shares of Macerich in a research note on Wednesday, February 22nd. BTIG Research reissued a “buy” rating and issued a $82.00 price objective on shares of Macerich in a research note on Monday, April 3rd. Barclays PLC reduced their price objective on shares of Macerich from $66.00 to $63.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 19th. Finally, Stifel Nicolaus reduced their price objective on shares of Macerich from $76.00 to $74.00 and set a “hold” rating for the company in a research note on Tuesday, February 7th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company. Macerich currently has a consensus rating of “Hold” and a consensus price target of $73.71.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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