PNC Financial Services Group Inc. increased its position in shares of The Macerich Co. (NYSE:MAC) by 7.6% during the second quarter, Holdings Channel reports. The institutional investor owned 5,657 shares of the real estate investment trust’s stock after buying an additional 399 shares during the period. PNC Financial Services Group Inc.’s holdings in The Macerich were worth $483,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the stock. Checchi Capital Advisers LLC increased its stake in shares of The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares in the last quarter. MU Investments Co. Ltd. bought a new stake in shares of The Macerich during the second quarter worth about $185,000. Eii Capital Management Inc. increased its stake in shares of The Macerich by 140.0% in the second quarter. Eii Capital Management Inc. now owns 2,400 shares of the real estate investment trust’s stock worth $205,000 after buying an additional 1,400 shares in the last quarter. Genesee Valley Trust Co. bought a new stake in shares of The Macerich during the second quarter worth about $210,000. Finally, Chicago Equity Partners LLC bought a new stake in shares of The Macerich during the second quarter worth about $301,000. Institutional investors own 94.66% of the company’s stock.
The Macerich Co. (NYSE:MAC) traded up 0.47% during midday trading on Friday, reaching $82.82. 786,499 shares of the company’s stock traded hands. The firm’s 50-day moving average is $82.48 and its 200-day moving average is $81.12. The Macerich Co. has a 1-year low of $71.82 and a 1-year high of $94.51. The company has a market capitalization of $11.90 billion, a price-to-earnings ratio of 13.91 and a beta of 0.98.
The Macerich (NYSE:MAC) last posted its quarterly earnings data on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The business had revenue of $259.90 million for the quarter, compared to the consensus estimate of $252.32 million. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The company’s revenue was down 19.5% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Analysts forecast that The Macerich Co. will post $4.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Friday, August 19th were paid a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Wednesday, August 17th. The Macerich’s dividend payout ratio is currently 45.87%.
MAC has been the topic of a number of research reports. BTIG Research started coverage on shares of The Macerich in a report on Thursday, August 25th. They issued a “buy” rating and a $97.00 price target on the stock. Jefferies Group boosted their target price on shares of The Macerich from $86.00 to $88.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. Deutsche Bank AG boosted their target price on shares of The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, July 18th. Zacks Investment Research downgraded shares of The Macerich from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Finally, Canaccord Genuity boosted their target price on shares of The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $87.73.
In other news, EVP Robert D. Perlmutter sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $89.79, for a total value of $134,685.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Randy L. Brant sold 24,250 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $83.10, for a total transaction of $2,015,175.00. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by insiders.
The Macerich Company Profile
The Macerich Company is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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