Concurrent Investment Advisors LLC Takes $386,000 Position in Macerich Company (The) $MAC

Concurrent Investment Advisors LLC purchased a new stake in Macerich Company (The) (NYSE:MAC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 23,850 shares of the real estate investment trust’s stock, valued at approximately $386,000.

A number of other hedge funds also recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its position in shares of Macerich by 15.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 63,576 shares of the real estate investment trust’s stock valued at $1,092,000 after acquiring an additional 8,458 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Macerich by 2.3% during the first quarter. State of Alaska Department of Revenue now owns 258,712 shares of the real estate investment trust’s stock worth $4,440,000 after purchasing an additional 5,890 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Macerich by 3.5% during the first quarter. Asset Management One Co. Ltd. now owns 367,295 shares of the real estate investment trust’s stock valued at $6,306,000 after purchasing an additional 12,327 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Macerich by 5.6% during the first quarter. Illinois Municipal Retirement Fund now owns 132,219 shares of the real estate investment trust’s stock valued at $2,270,000 after purchasing an additional 7,053 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Macerich by 1.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 269,717 shares of the real estate investment trust’s stock valued at $4,631,000 after purchasing an additional 3,175 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Analyst Ratings Changes

MAC has been the topic of several recent analyst reports. LADENBURG THALM/SH SH started coverage on Macerich in a research note on Friday, July 18th. They issued a “buy” rating and a $25.00 price target on the stock. Evercore ISI lifted their price objective on Macerich from $18.00 to $20.00 and gave the company an “in-line” rating in a report on Monday, September 15th. Scotiabank upped their target price on shares of Macerich from $16.00 to $18.00 and gave the stock a “sector perform” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Wednesday, August 27th. Finally, Wall Street Zen cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.11.

Macerich Price Performance

MAC opened at $17.25 on Friday. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.76 and a quick ratio of 0.76. The stock has a market capitalization of $4.36 billion, a P/E ratio of -9.86, a price-to-earnings-growth ratio of 3.02 and a beta of 2.23. The company’s 50 day simple moving average is $17.68 and its 200-day simple moving average is $16.41. Macerich Company has a one year low of $12.48 and a one year high of $22.27.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). The firm had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. Sell-side analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th were issued a $0.17 dividend. The ex-dividend date was Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.9%. Macerich’s dividend payout ratio (DPR) is currently -38.86%.

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.