2,380,393 Shares in Macerich Company (The) $MAC Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new stake in shares of Macerich Company (The) (NYSE:MAC) in the second quarter, Holdings Channel reports. The fund bought 2,380,393 shares of the real estate investment trust’s stock, valued at approximately $59,962,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MAC. Royal Bank of Canada increased its position in shares of Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Macerich by 2.2% in the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after purchasing an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Macerich by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after purchasing an additional 13,782 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Macerich by 12.8% in the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after buying an additional 2,983 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Macerich to a “strong-buy” rating in a research note on Friday, June 26th. Wall Street Zen upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Piper Sandler raised their target price on shares of Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $27.00 in a report on Tuesday, June 2nd. Finally, Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.75.

Macerich Price Performance

MAC opened at $24.20 on Thursday. The stock’s 50-day moving average price is $25.06 and its 200 day moving average price is $22.36. Macerich Company has a 12-month low of $16.03 and a 12-month high of $26.67. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of -37.23, a PEG ratio of 1.74 and a beta of 2.07. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67.

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

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be issued a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 2.8%. Macerich’s dividend payout ratio is presently -104.62%.

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.