Perella Weinberg Partners Capital Management LP purchased a new stake in Macerich Co (NYSE:MAC) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 45,682 shares of the real estate investment trust’s stock, valued at approximately $2,526,000.
Several other institutional investors also recently added to or reduced their stakes in MAC. Commonwealth Bank of Australia boosted its holdings in shares of Macerich by 737.2% in the second quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 1,585 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Macerich by 9,246.4% in the second quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock valued at $149,000 after buying an additional 2,589 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Macerich in the second quarter valued at approximately $207,000. ING Groep NV acquired a new position in shares of Macerich in the second quarter valued at approximately $219,000. Finally, Gideon Capital Advisors Inc. acquired a new position in shares of Macerich in the second quarter valued at approximately $234,000. Institutional investors own 96.25% of the company’s stock.
Shares of MAC stock opened at $50.67 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.91 and a current ratio of 0.96. The firm has a market capitalization of $7.15 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.05 and a beta of 0.82. Macerich Co has a 12 month low of $49.41 and a 12 month high of $69.73.
Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, October 31st. The real estate investment trust reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.32. The business had revenue of $242.20 million for the quarter, compared to analyst estimates of $220.02 million. Macerich had a net margin of 8.35% and a return on equity of 3.29%. The firm’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Analysts anticipate that Macerich Co will post 3.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Friday, November 9th will be given a dividend of $0.75 per share. This is a positive change from Macerich’s previous quarterly dividend of $0.74. This represents a $3.00 annualized dividend and a yield of 5.92%. The ex-dividend date is Thursday, November 8th. Macerich’s dividend payout ratio is 75.32%.
MAC has been the subject of several research analyst reports. BMO Capital Markets set a $66.00 price target on shares of Macerich and gave the company a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research raised shares of Macerich from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. Scotiabank assumed coverage on shares of Macerich in a research report on Tuesday, October 16th. They issued a “sector perform” rating on the stock. SunTrust Banks reissued a “hold” rating and issued a $60.00 price objective on shares of Macerich in a research report on Thursday, August 16th. Finally, Goldman Sachs Group raised shares of Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $52.00 to $64.00 in a research report on Tuesday, July 17th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $63.97.
Macerich, an S&P 500 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. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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