APG Asset Management US Inc. Boosts Stock Holdings in Macerich Company (The) $MAC

APG Asset Management US Inc. grew its holdings in Macerich Company (The) (NYSE:MAC) by 29.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,351,135 shares of the real estate investment trust’s stock after purchasing an additional 309,544 shares during the quarter. APG Asset Management US Inc.’s holdings in Macerich were worth $24,320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its holdings in Macerich by 2.4% during the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after buying an additional 351,907 shares during the period. JPMorgan Chase & Co. boosted its position in Macerich by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock valued at $209,692,000 after acquiring an additional 4,868,844 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Macerich by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock valued at $105,160,000 after acquiring an additional 145,906 shares during the period. Ameriprise Financial Inc. raised its position in shares of Macerich by 13.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock worth $63,014,000 after acquiring an additional 461,351 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Macerich during the 2nd quarter worth $51,475,000. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Performance

Shares of MAC stock opened at $20.49 on Friday. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -26.61, a price-to-earnings-growth ratio of 1.40 and a beta of 2.16. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.03. The business has a fifty day moving average of $18.87 and a 200 day moving average of $18.06. Macerich Company has a 1 year low of $12.48 and a 1 year high of $20.93.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.50). Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The firm had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. During the same quarter in the previous year, the firm posted $0.47 EPS. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, research analysts expect that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 dividend on an annualized basis and a yield of 3.3%. Macerich’s dividend payout ratio (DPR) is currently -88.31%.

Analyst Ratings Changes

MAC has been the topic of several analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. Truist Financial raised their price target on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Mizuho set a $21.00 price objective on shares of Macerich in a research note on Friday, January 9th. KeyCorp set a $25.00 target price on shares of Macerich and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.26.

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.