Intech Investment Management LLC bought a new stake in shares of The Macerich Company (NYSE:MAC - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 87,519 shares of the real estate investment trust's stock, valued at approximately $1,596,000.
A number of other institutional investors and hedge funds have also made changes to their positions in MAC. Price T Rowe Associates Inc. MD increased its stake in shares of Macerich by 5.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 147,656 shares of the real estate investment trust's stock valued at $2,545,000 after purchasing an additional 7,957 shares in the last quarter. Caxton Associates LP bought a new position in shares of Macerich during the first quarter valued at approximately $472,000. DekaBank Deutsche Girozentrale increased its stake in shares of Macerich by 158.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 131,487 shares of the real estate investment trust's stock valued at $2,201,000 after purchasing an additional 80,541 shares in the last quarter. Vanderbilt University increased its stake in shares of Macerich by 121.5% during the second quarter. Vanderbilt University now owns 80,095 shares of the real estate investment trust's stock valued at $1,237,000 after purchasing an additional 43,942 shares in the last quarter. Finally, Murphy Pohlad Asset Management LLC grew its holdings in shares of Macerich by 297.7% during the second quarter. Murphy Pohlad Asset Management LLC now owns 110,560 shares of the real estate investment trust's stock valued at $1,707,000 after buying an additional 82,760 shares during the last quarter. Institutional investors own 87.38% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the stock. Bank of America increased their price target on shares of Macerich from $17.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, October 11th. Compass Point increased their price target on shares of Macerich from $20.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Evercore ISI increased their price target on shares of Macerich from $15.00 to $16.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. StockNews.com cut shares of Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a report on Thursday, September 19th. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Macerich has a consensus rating of "Hold" and a consensus price target of $16.40.
Get Our Latest Stock Report on Macerich
Macerich Stock Performance
MAC traded up $0.62 during trading on Tuesday, hitting $20.94. The company's stock had a trading volume of 11,257,079 shares, compared to its average volume of 1,797,357. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The Macerich Company has a one year low of $10.75 and a one year high of $21.40. The firm has a market cap of $4.72 billion, a PE ratio of 54.36, a P/E/G ratio of 0.67 and a beta of 2.50. The business's 50 day simple moving average is $18.46 and its 200-day simple moving average is $16.41.
Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The firm's revenue was up .9% on a year-over-year basis. As a group, sell-side analysts predict that The Macerich Company will post 1.59 EPS for the current fiscal year.
Macerich Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.25%. Macerich's payout ratio is presently 174.36%.
Macerich Company Profile
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Free Report)
Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich's portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.
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