Macerich Company (The) $MAC Shares Acquired by CI Investments Inc.

CI Investments Inc. grew its holdings in shares of Macerich Company (The) (NYSE:MAC) by 45.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 254,428 shares of the real estate investment trust’s stock after acquiring an additional 79,743 shares during the period. CI Investments Inc.’s holdings in Macerich were worth $4,809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its holdings in shares of Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC raised its position in Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after acquiring an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Macerich by 10.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock valued at $2,551,000 after purchasing an additional 13,782 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Macerich by 376.2% in the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after acquiring an additional 716,394 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in Macerich by 12.8% during the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after buying an additional 2,983 shares during the period. 87.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MAC has been the topic of several recent analyst reports. Piper Sandler lifted their target price on shares of Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday. LADENBURG THALM/SH SH raised their target price on Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Wall Street Zen raised Macerich from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Scotiabank upped their target price on shares of Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a research report on Thursday, June 18th. Finally, Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.33.

Macerich Price Performance

NYSE:MAC opened at $25.24 on Friday. The stock has a market capitalization of $7.16 billion, a PE ratio of -35.55, a P/E/G ratio of 1.79 and a beta of 2.06. The firm has a fifty day simple moving average of $24.12 and a 200 day simple moving average of $21.27. Macerich Company has a 1-year low of $15.94 and a 1-year high of $26.23. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. Macerich’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. On average, research analysts expect that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, June 15th. Macerich’s dividend payout ratio (DPR) is currently -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.