Sumitomo Mitsui Trust Group Inc. Grows Stock Position in Macerich Company (The) $MAC

Sumitomo Mitsui Trust Group Inc. increased its holdings in Macerich Company (The) (NYSE:MAC) by 39.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 388,219 shares of the real estate investment trust’s stock after acquiring an additional 109,413 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of Macerich worth $7,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Macerich by 14.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,322 shares of the real estate investment trust’s stock valued at $1,080,000 after purchasing an additional 7,487 shares during the period. SG Americas Securities LLC increased its position in shares of Macerich by 1,110.2% during the 3rd quarter. SG Americas Securities LLC now owns 185,832 shares of the real estate investment trust’s stock worth $3,382,000 after purchasing an additional 170,477 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of Macerich by 1.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 361,094 shares of the real estate investment trust’s stock worth $6,572,000 after purchasing an additional 3,715 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Macerich by 35.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 724,233 shares of the real estate investment trust’s stock valued at $13,181,000 after buying an additional 187,900 shares during the period. Finally, Ethic Inc. acquired a new position in Macerich in the third quarter valued at about $228,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Stock Up 2.5%

MAC stock opened at $18.77 on Friday. The company’s 50 day moving average price is $17.94 and its 200 day moving average price is $17.57. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of -11.80, a PEG ratio of 3.61 and a beta of 2.06. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $21.12. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Macerich had a negative return on equity of 14.21% and a negative net margin of 37.97%.The firm had revenue of $253.26 million for the quarter, compared to analyst estimates of $246.77 million. During the same quarter last year, the firm earned $0.38 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts anticipate that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 15th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, December 15th. Macerich’s payout ratio is -42.77%.

Analyst Ratings Changes

MAC has been the subject of a number of recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and boosted their target price for the company from $19.00 to $23.00 in a research report on Friday, September 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research report on Wednesday, October 8th. Scotiabank boosted their price objective on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, November 13th. Finally, Truist Financial decreased their target price on Macerich from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Macerich has a consensus rating of “Hold” and an average target price of $19.67.

Macerich 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.