Principal Financial Group Inc. Raises Stock Holdings in Macerich Company (The) $MAC

Principal Financial Group Inc. boosted its holdings in Macerich Company (The) (NYSE:MAC) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,244,831 shares of the real estate investment trust’s stock after purchasing an additional 24,248 shares during the period. Principal Financial Group Inc. owned about 0.48% of Macerich worth $23,527,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Macerich by 22.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,281 shares of the real estate investment trust’s stock worth $3,388,000 after purchasing an additional 33,405 shares during the period. Fifth Third Bancorp grew its position in Macerich by 14.7% during the first quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock valued at $69,000 after buying an additional 471 shares during the period. Hsbc Holdings PLC grew its position in Macerich by 5.9% during the first quarter. Hsbc Holdings PLC now owns 903,968 shares of the real estate investment trust’s stock valued at $17,085,000 after buying an additional 50,617 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Macerich by 14.6% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 435,898 shares of the real estate investment trust’s stock worth $8,238,000 after buying an additional 55,453 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. raised its position in Macerich by 6.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 113,780 shares of the real estate investment trust’s stock worth $2,107,000 after acquiring an additional 6,556 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MAC. Scotiabank boosted their target price on shares of Macerich from $24.00 to $27.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 18th. Compass Point reaffirmed a “neutral” rating and issued a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Truist Financial upped their price objective on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Evercore set a $24.00 price objective on Macerich in a report on Tuesday, July 7th. Finally, Jefferies Financial Group raised Macerich to a “strong-buy” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Macerich has a consensus rating of “Moderate Buy” and a consensus price target of $25.14.

Macerich Trading Down 1.3%

Shares of MAC stock opened at $25.58 on Tuesday. The company’s fifty day simple moving average is $23.93 and its two-hundred day simple moving average is $21.12. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. Macerich Company has a 1 year low of $15.94 and a 1 year high of $26.23. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of -36.03, a PEG ratio of 1.74 and a beta of 2.06.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. As a group, analysts anticipate that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

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

About Macerich

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.