Prudential Financial Inc. increased its position in The Macerich Co. (NYSE:MAC) by 10.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 179,750 shares of the real estate investment trust’s stock after buying an additional 17,500 shares during the period. Prudential Financial Inc. owned about 0.13% of The Macerich worth $15,349,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in MAC. Legal & General Group Plc boosted its position in The Macerich by 3.1% in the first quarter. Legal & General Group Plc now owns 933,940 shares of the real estate investment trust’s stock worth $74,005,000 after buying an additional 27,969 shares in the last quarter. AMP Capital Investors Ltd boosted its position in The Macerich by 16.2% in the first quarter. AMP Capital Investors Ltd now owns 115,898 shares of the real estate investment trust’s stock worth $9,162,000 after buying an additional 16,177 shares in the last quarter. Oakbrook Investments LLC boosted its position in The Macerich by 10.7% in the second quarter. Oakbrook Investments LLC now owns 8,251 shares of the real estate investment trust’s stock worth $705,000 after buying an additional 800 shares in the last quarter. Capital Fund Management S.A. bought a new position in The Macerich during the second quarter worth approximately $13,005,000. Finally, State Board of Administration of Florida Retirement System boosted its position in The Macerich by 19.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 237,270 shares of the real estate investment trust’s stock worth $20,261,000 after buying an additional 38,553 shares in the last quarter. 94.66% of the stock is owned by institutional investors and hedge funds.
Shares of The Macerich Co. (NYSE:MAC) traded up 0.42% on Friday, reaching $80.84. 78,538 shares of the company’s stock traded hands. The stock has a 50-day moving average of $81.98 and a 200 day moving average of $81.20. The firm has a market cap of $11.61 billion, a P/E ratio of 13.58 and a beta of 0.98. The Macerich Co. has a 12-month low of $71.82 and a 12-month high of $94.51.
The Macerich (NYSE:MAC) last posted its 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 net margin of 78.65% and a return on equity of 17.91%. The firm earned $259.90 million during the quarter, compared to analyst estimates of $252.32 million. During the same period last year, the firm posted $0.90 earnings per share. The Macerich’s revenue for the quarter was down 19.5% compared to the same quarter last year. On average, equities research analysts expect that The Macerich Co. will post $4.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Wednesday, August 17th. The Macerich’s dividend payout ratio (DPR) is presently 45.87%.
MAC has been the subject of a number of research reports. BTIG Research initiated coverage on shares of The Macerich in a research note on Thursday, August 25th. They issued a “buy” rating and a $97.00 price target for the company. Zacks Investment Research lowered shares of The Macerich from a “buy” rating to a “hold” rating in a report on Friday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Canaccord Genuity boosted their price objective 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. Finally, Jefferies Group boosted their price objective 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. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The Macerich presently has an average rating of “Hold” and an average target price of $87.73.
In other The Macerich news, 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 transaction of $2,015,175.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 disclosure for this sale can be found here. 3.54% of the stock is currently owned by corporate 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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