Resolution Capital Ltd Purchases 2,941,909 Shares of Macerich Company (The) $MAC

Resolution Capital Ltd lifted its holdings in Macerich Company (The) (NYSE:MAC) by 204.0% in the first quarter, HoldingsChannel reports. The firm owned 4,384,180 shares of the real estate investment trust’s stock after purchasing an additional 2,941,909 shares during the quarter. Macerich accounts for 1.7% of Resolution Capital Ltd’s portfolio, making the stock its 15th largest position. Resolution Capital Ltd’s holdings in Macerich were worth $82,861,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Triad Investment Management bought a new position in Macerich during the fourth quarter valued at $3,820,000. Centersquare Investment Management LLC increased its holdings in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after buying an additional 3,808,336 shares during the last quarter. Norges Bank bought a new stake in shares of Macerich in the 4th quarter worth about $66,924,000. M&T Bank Corp purchased a new stake in shares of Macerich during the 4th quarter valued at about $557,000. Finally, Legal & General Group Plc raised its position in shares of Macerich by 9.8% during the 4th quarter. Legal & General Group Plc now owns 1,795,267 shares of the real estate investment trust’s stock valued at $33,141,000 after buying an additional 160,748 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MAC. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Mizuho upped their price objective on Macerich from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Evercore set a $24.00 price objective on Macerich in a research note on Tuesday, July 7th. Piper Sandler lifted their target price on Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Macerich currently has a consensus rating of “Moderate Buy” and an average price target of $25.33.

Macerich Price Performance

MAC stock opened at $26.52 on Wednesday. Macerich Company has a 12 month low of $15.94 and a 12 month high of $26.68. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The company has a 50-day moving average price of $24.39 and a 200 day moving average price of $21.43. The stock has a market cap of $7.52 billion, a PE ratio of -37.36, a P/E/G ratio of 1.84 and a beta of 2.06.

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

Macerich Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. Macerich’s dividend payout ratio is currently -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.