Legal & General Group Plc Acquires New Shares in Macerich Company (The) $MAC

Legal & General Group Plc bought a new stake in shares of Macerich Company (The) (NYSE:MAC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,698,297 shares of the real estate investment trust’s stock, valued at approximately $42,780,000. Legal & General Group Plc owned about 0.60% of Macerich at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new position in shares of Macerich during the second quarter valued at $1,378,836,000. State Street Corp increased its holdings in Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after buying an additional 351,907 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Macerich by 17.7% in the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after buying an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC raised its position in Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after buying an additional 70,132 shares during the last quarter. Finally, Centersquare Investment Management LLC raised its position in 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. Institutional investors own 87.38% of the company’s stock.

Macerich Stock Down 0.7%

MAC stock opened at $23.75 on Friday. The company has a market cap of $6.73 billion, a price-to-earnings ratio of -36.54, a P/E/G ratio of 1.72 and a beta of 2.07. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. The business’s 50-day moving average is $25.07 and its two-hundred day moving average is $22.40. Macerich Company has a fifty-two week low of $16.03 and a fifty-two week high of $26.67.

Macerich (NYSE:MAC) last released its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm had revenue of $249.71 million for the quarter, compared to the consensus estimate of $239.77 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The company’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, analysts forecast that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be given a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 2.9%. Macerich’s dividend payout ratio (DPR) is presently -104.62%.

Analyst Ratings Changes

A number of analysts have recently issued reports on MAC shares. Wall Street Zen raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. JPMorgan Chase & Co. raised shares of Macerich from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $23.00 to $25.00 in a report on Wednesday, June 17th. The Goldman Sachs Group increased their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research report on Friday, May 15th. LADENBURG THALM/SH SH raised their target price on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, Evercore set a $25.00 target price on shares of Macerich in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.88.

Macerich Company Profile

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.