M&T Bank Corp Buys New Shares in Macerich Company (The) $MAC

M&T Bank Corp purchased a new position in shares of Macerich Company (The) (NYSE:MAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,165 shares of the real estate investment trust’s stock, valued at approximately $557,000.

A number of other large investors also recently bought and sold shares of the stock. State Street Corp grew its stake in shares of Macerich by 2.4% during the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after buying an additional 351,907 shares during the period. JPMorgan Chase & Co. raised its position in shares of Macerich by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock worth $209,692,000 after buying an additional 4,868,844 shares during the period. Ameriprise Financial Inc. boosted its holdings in Macerich by 13.4% in the second quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock valued at $63,014,000 after acquiring an additional 461,351 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Macerich by 5.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,746,730 shares of the real estate investment trust’s stock valued at $68,185,000 after acquiring an additional 203,828 shares during the last quarter. Finally, Bamco Inc. NY grew its position in Macerich by 18.9% during the third quarter. Bamco Inc. NY now owns 2,909,869 shares of the real estate investment trust’s stock valued at $52,960,000 after acquiring an additional 463,102 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MAC. Morgan Stanley set a $20.00 price objective on Macerich in a report on Tuesday, April 14th. KeyCorp set a $25.00 target price on shares of Macerich and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Evercore set a $22.00 price target on shares of Macerich in a report on Friday. Scotiabank upgraded shares of Macerich from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $19.00 to $22.00 in a research note on Monday, March 30th. Finally, Citigroup increased their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.92.

Macerich Stock Down 1.0%

NYSE MAC opened at $21.66 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich Company has a fifty-two week low of $14.82 and a fifty-two week high of $22.56. The business has a 50 day moving average price of $20.23 and a two-hundred day moving average price of $18.93. The stock has a market cap of $5.66 billion, a PE ratio of -30.51, a P/E/G ratio of 1.51 and a beta of 2.12.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million for the quarter, compared to analysts’ expectations of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 earnings per share. As a group, sell-side analysts predict that Macerich Company will post 1.46 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Monday, June 15th. Macerich’s dividend payout ratio is presently -95.77%.

Macerich 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.