The Manufacturers Life Insurance Company Makes New $3.52 Million Investment in Macerich Company (The) $MAC

The Manufacturers Life Insurance Company acquired a new stake in shares of Macerich Company (The) (NYSE:MAC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 139,712 shares of the real estate investment trust’s stock, valued at approximately $3,519,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in shares of Macerich in the 2nd quarter valued at about $511,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Macerich during the second quarter worth about $36,000. Quantbot Technologies LP bought a new position in shares of Macerich in the second quarter worth approximately $1,476,000. Landscape Capital Management L.L.C. bought a new position in shares of Macerich in the second quarter worth approximately $236,000. Finally, BlackRock Inc. purchased a new stake in Macerich in the second quarter valued at approximately $1,378,836,000. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MAC. JPMorgan Chase & Co. upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. LADENBURG THALM/SH SH increased their price target on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a research report on Friday, June 26th. Piper Sandler raised shares of Macerich from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $30.00 in a report on Thursday, August 27th. Finally, Wall Street Zen upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Macerich presently has an average rating of “Moderate Buy” and an average target price of $26.00.

Macerich Trading Down 0.4%

NYSE MAC opened at $23.52 on Wednesday. The firm has a market cap of $6.67 billion, a PE ratio of -36.18, a price-to-earnings-growth ratio of 1.70 and a beta of 2.06. Macerich Company has a 1-year low of $16.03 and a 1-year high of $26.67. The stock has a 50-day moving average of $25.04 and a 200-day moving average of $22.49. 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 posted its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The company had revenue of $249.71 million for the quarter, compared to the consensus estimate of $239.77 million. During the same quarter in the previous year, the business earned $0.33 earnings per share. Macerich’s revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts forecast that Macerich Company will post 1.49 EPS for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 14th. Macerich’s payout ratio is presently -104.62%.

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.