Macerich Company (The) $MAC Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in Macerich Company (The) (NYSE:MAC) by 39.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 388,219 shares of the real estate investment trust’s stock after purchasing an additional 109,413 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Macerich were worth $7,066,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MAC. State Street Corp grew its holdings in shares of Macerich by 2.4% during the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after purchasing an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. increased its position in Macerich by 11.6% during the second quarter. JPMorgan Chase & Co. now owns 6,652,710 shares of the real estate investment trust’s stock worth $107,641,000 after buying an additional 694,103 shares during the period. Geode Capital Management LLC lifted its stake in Macerich by 2.3% in the second quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock valued at $105,160,000 after buying an additional 145,906 shares during the last quarter. PGGM Investments boosted its holdings in shares of Macerich by 15.9% in the second quarter. PGGM Investments now owns 4,022,858 shares of the real estate investment trust’s stock valued at $65,090,000 after acquiring an additional 552,194 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of Macerich by 13.4% during the second quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock worth $63,014,000 after acquiring an additional 461,351 shares during the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Stock Performance

Shares of MAC stock opened at $18.77 on Friday. The stock has a fifty day moving average price of $17.94 and a 200 day moving average price of $17.57. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $4.81 billion, a PE ratio of -11.80, a P/E/G ratio of 3.61 and a beta of 2.06. Macerich Company has a 1 year low of $12.48 and a 1 year high of $21.12.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analysts’ expectations of $246.77 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 EPS. Sell-side analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 15th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, December 15th. Macerich’s dividend payout ratio is -42.77%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Mizuho set a $21.00 price target on shares of Macerich in a research report on Friday, January 9th. Bank of America upgraded shares of Macerich from a “neutral” rating to a “buy” rating and increased their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 26th. Scotiabank raised their price target on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Finally, Truist Financial lowered their target price on Macerich from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Macerich currently has a consensus rating of “Hold” and an average target price of $19.67.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.