Mitsubishi UFJ Asset Management Co. Ltd. Buys 6,810 Shares of Macerich Company (The) $MAC

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Macerich Company (The) (NYSE:MAC) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 179,611 shares of the real estate investment trust’s stock after buying an additional 6,810 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.07% of Macerich worth $2,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. PGGM Investments increased its holdings in Macerich by 15.9% during the 2nd quarter. PGGM Investments now owns 4,022,858 shares of the real estate investment trust’s stock worth $65,090,000 after purchasing an additional 552,194 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Macerich by 39.2% in the 1st quarter. Intech Investment Management LLC now owns 167,341 shares of the real estate investment trust’s stock worth $2,873,000 after buying an additional 47,089 shares during the period. Strs Ohio bought a new position in shares of Macerich during the 1st quarter worth $797,000. TCTC Holdings LLC purchased a new position in shares of Macerich during the first quarter valued at $1,449,000. Finally, Envestnet Asset Management Inc. increased its stake in shares of Macerich by 0.9% during the first quarter. Envestnet Asset Management Inc. now owns 331,726 shares of the real estate investment trust’s stock valued at $5,696,000 after buying an additional 3,032 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Trading Down 1.6%

NYSE MAC opened at $17.27 on Friday. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a 50 day moving average price of $17.59 and a 200 day moving average price of $16.84. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The firm has a market cap of $4.42 billion, a PE ratio of -9.87, a price-to-earnings-growth ratio of 2.96 and a beta of 2.25.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analyst estimates of $246.77 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. Macerich’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. As a group, sell-side analysts forecast that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 15th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.9%. The ex-dividend date is Monday, December 15th. Macerich’s payout ratio is -42.77%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a “buy” rating and a $25.00 target price on the stock. Evercore ISI upped their price target on shares of Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a report on Wednesday, October 8th. Scotiabank boosted their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their target price on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Wednesday, August 27th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Macerich currently has an average rating of “Hold” and an average target price of $19.95.

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.