First Manhattan Co. bought a new stake in shares of Macerich Company (The) (NYSE:MAC) during the second quarter, Holdings Channel reports. The fund bought 9,000 shares of the real estate investment trust’s stock, valued at approximately $522,000.

A number of other large investors also recently modified their holdings of MAC. Daiwa Securities Group Inc. boosted its stake in shares of Macerich Company (The) by 13.9% in the second quarter. Daiwa Securities Group Inc. now owns 21,345 shares of the real estate investment trust’s stock valued at $1,239,000 after buying an additional 2,600 shares in the last quarter. Coronation Fund Managers Ltd. acquired a new stake in Macerich Company (The) during the second quarter valued at $16,586,000. Sumitomo Mitsui Asset Management Company LTD boosted its stake in Macerich Company (The) by 10.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 170,804 shares of the real estate investment trust’s stock valued at $9,916,000 after buying an additional 15,619 shares during the period. Parametrica Management Ltd acquired a new stake in Macerich Company (The) during the second quarter valued at $222,000. Finally, Russell Investments Group Ltd. boosted its stake in Macerich Company (The) by 188.1% in the second quarter. Russell Investments Group Ltd. now owns 649,525 shares of the real estate investment trust’s stock valued at $37,775,000 after buying an additional 424,049 shares during the period. Institutional investors own 95.43% of the company’s stock.

Macerich Company (NYSE:MAC) opened at 59.60 on Wednesday. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 52.28 and a beta of 0.77. Macerich Company has a 52-week low of $54.98 and a 52-week high of $87.19. The company’s 50-day moving average price is $58.13 and its 200-day moving average price is $62.48.

Macerich Company (The) (NYSE:MAC) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. The company had revenue of $247.20 million during the quarter, compared to analyst estimates of $218.62 million. Macerich Company (The) had a return on equity of 3.38% and a net margin of 14.39%. Macerich Company (The)’s revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. Equities research analysts expect that Macerich Company will post $1.03 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 18th will be issued a dividend of $0.71 per share. The ex-dividend date is Wednesday, August 16th. This represents a $2.84 dividend on an annualized basis and a yield of 4.77%. Macerich Company (The)’s dividend payout ratio is currently 278.43%.

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Several equities research analysts have weighed in on MAC shares. Zacks Investment Research upgraded Macerich Company (The) from a “sell” rating to a “hold” rating in a report on Wednesday, April 19th. Barclays PLC dropped their price objective on Macerich Company (The) from $66.00 to $63.00 and set an “equal weight” rating for the company in a report on Wednesday, April 19th. Citigroup Inc. reiterated a “neutral” rating on shares of Macerich Company (The) in a report on Thursday, May 11th. Mizuho cut Macerich Company (The) from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $84.00 to $63.00 in a report on Tuesday, May 30th. Finally, ValuEngine cut Macerich Company (The) from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the company. Macerich Company (The) presently has a consensus rating of “Hold” and a consensus price target of $70.46.

In other Macerich Company (The) news, CEO Arthur M. Coppola sold 100,000 shares of the company’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $58.13, for a total transaction of $5,813,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.75% of the stock is owned by corporate insiders.

About Macerich Company (The)

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.

Want to see what other hedge funds are holding MAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macerich Company (The) (NYSE:MAC).

Institutional Ownership by Quarter for Macerich Company (The) (NYSE:MAC)

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