Citigroup Inc. Raises Stock Position in The Macerich Company (NYSE:MAC)

Citigroup Inc. lifted its holdings in The Macerich Company (NYSE:MAC - Free Report) by 32.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 359,069 shares of the real estate investment trust's stock after purchasing an additional 87,611 shares during the quarter. Citigroup Inc. owned about 0.17% of Macerich worth $6,549,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its position in Macerich by 5.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 147,656 shares of the real estate investment trust's stock worth $2,545,000 after purchasing an additional 7,957 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings 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 buying an additional 80,541 shares during the last quarter. Vanderbilt University increased its position in shares of Macerich by 121.5% in the 2nd quarter. Vanderbilt University now owns 80,095 shares of the real estate investment trust's stock valued at $1,237,000 after acquiring an additional 43,942 shares during the period. Murphy Pohlad Asset Management LLC increased its position in shares of Macerich by 297.7% in the 2nd 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 acquiring an additional 82,760 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in Macerich by 1.4% during the 2nd quarter. Louisiana State Employees Retirement System now owns 108,500 shares of the real estate investment trust's stock valued at $1,675,000 after purchasing an additional 1,500 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a report on Thursday, September 19th. Compass Point increased their price objective on shares of Macerich from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Evercore ISI raised their target price on shares of Macerich from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Wednesday, August 28th. StockNews.com lowered shares of Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Piper Sandler lifted their price objective on Macerich from $11.00 to $14.00 and gave the company an "underweight" rating in a research note on Tuesday, September 3rd. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $16.40.

Macerich Price Performance

NYSE MAC traded up $0.06 on Friday, hitting $21.21. The company had a trading volume of 5,114,465 shares, compared to its average volume of 2,407,338. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The company's fifty day moving average price is $18.78 and its 200-day moving average price is $16.56. The company has a market capitalization of $4.78 billion, a PE ratio of 54.38, a PEG ratio of 0.72 and a beta of 2.50. The Macerich Company has a 12-month low of $11.30 and a 12-month high of $21.71.

Macerich (NYSE:MAC - Get Free Report) last released its 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). The firm had revenue of $220.20 million during the quarter, compared to analysts' expectations of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business's revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 EPS. As a group, analysts predict that The Macerich Company will post 1.58 earnings per share for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.21%. Macerich's payout ratio is 174.36%.

About Macerich

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.