ING Groep NV boosted its stake in shares of The Macerich Co. (NYSE:MAC) by 54.3% during the second quarter, Holdings Channel reports. The firm owned 4,422 shares of the real estate investment trust’s stock after buying an additional 1,557 shares during the period. ING Groep NV’s holdings in The Macerich were worth $378,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Checchi Capital Advisers LLC raised 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 during the last quarter. MU Investments Co. Ltd. acquired a new stake in shares of The Macerich during the second quarter worth about $185,000. Genesee Valley Trust Co. acquired a new stake in shares of The Macerich during the second quarter worth about $210,000. Magnetar Financial LLC acquired a new stake in shares of The Macerich during the first quarter worth about $331,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of The Macerich during the second quarter worth about $401,000. 94.66% of the stock is currently owned by institutional investors.
Shares of The Macerich Co. (NYSE:MAC) traded down 0.85% during midday trading on Tuesday, hitting $76.05. The company had a trading volume of 539,852 shares. The firm has a market cap of $10.92 billion, a price-to-earnings ratio of 12.78 and a beta of 0.90. The company’s 50 day moving average is $80.82 and its 200 day moving average is $81.12. The Macerich Co. has a one year low of $71.82 and a one year high of $94.51.
The Macerich (NYSE:MAC) last issued its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.04. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The business had revenue of $259.90 million for the quarter, compared to the consensus estimate of $252.32 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. The Macerich’s revenue for the quarter was down 19.5% compared to the same quarter last year. Equities analysts forecast that The Macerich Co. will post $4.12 earnings per share for the current fiscal year.
A number of brokerages have issued reports on MAC. Credit Suisse Group AG reissued a “sell” rating and issued a $78.00 price target on shares of The Macerich in a research note on Tuesday, August 2nd. Deutsche Bank AG raised their price target on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a research note on Monday, July 18th. JPMorgan Chase & Co. raised their price target on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Zacks Investment Research lowered The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Finally, Canaccord Genuity raised their price target on The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a research note on Tuesday, August 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The Macerich has a consensus rating of “Hold” and an average target price of $88.00.
In other news, EVP Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction on Monday, August 1st. The stock was sold at an average price of $89.79, for a total transaction of $134,685.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Randy L. Brant sold 24,250 shares of The Macerich stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $83.10, for a total value of $2,015,175.00. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.
About The Macerich
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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