Hsbc Holdings PLC Boosts Holdings in Macerich Company (The) $MAC

Hsbc Holdings PLC boosted its holdings in Macerich Company (The) (NYSE:MAC) by 5.9% in the 1st quarter, HoldingsChannel reports. The firm owned 903,968 shares of the real estate investment trust’s stock after purchasing an additional 50,617 shares during the quarter. Hsbc Holdings PLC’s holdings in Macerich were worth $17,085,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MAC. Centersquare Investment Management LLC raised its position in shares of Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Norges Bank bought a new position in shares of Macerich during the fourth quarter worth $66,924,000. Wellington Management Group LLP boosted its position in shares of Macerich by 139.8% during the fourth quarter. Wellington Management Group LLP now owns 3,675,803 shares of the real estate investment trust’s stock worth $67,855,000 after acquiring an additional 2,142,737 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after acquiring an additional 2,034,338 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Macerich by 435.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,724,727 shares of the real estate investment trust’s stock valued at $31,390,000 after acquiring an additional 1,402,627 shares during the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Trading Up 0.1%

Shares of MAC opened at $25.62 on Wednesday. The stock has a market capitalization of $7.27 billion, a PE ratio of -36.09, a P/E/G ratio of 1.72 and a beta of 2.06. The company’s fifty day moving average is $24.00 and its 200 day moving average is $21.17. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. Macerich Company has a fifty-two week low of $15.94 and a fifty-two week high of $26.23.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same quarter last year, the business earned $0.33 earnings per share. Macerich’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts expect that Macerich Company will post 1.48 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. Macerich’s dividend payout ratio (DPR) is presently -95.77%.

Wall Street Analyst Weigh In

Several brokerages have commented on MAC. Piper Sandler boosted their price target on shares of Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday. Citigroup upgraded Macerich from a “neutral” rating to a “buy” rating and raised their price objective for the company from $24.00 to $28.00 in a research report on Tuesday, June 23rd. Weiss Ratings upgraded Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 14th. Wall Street Zen raised Macerich from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and increased their price target for the company from $23.00 to $25.00 in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.33.

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.