Sumitomo Mitsui Trust Group Inc. Increases Stock Position in Macerich Company (The) (NYSE:MAC)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Macerich Company (The) (NYSE:MAC) by 1.2% in the first quarter, Holdings Channel.com reports. The fund owned 269,717 shares of the real estate investment trust’s stock after buying an additional 3,175 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Macerich were worth $4,631,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC boosted its stake in Macerich by 9.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock valued at $118,000 after acquiring an additional 512 shares during the last quarter. M&T Bank Corp lifted its holdings in Macerich by 2.8% during the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after buying an additional 543 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Macerich by 5.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after buying an additional 665 shares during the last quarter. Townsquare Capital LLC lifted its stake in Macerich by 7.0% during the fourth quarter. Townsquare Capital LLC now owns 14,395 shares of the real estate investment trust’s stock worth $287,000 after purchasing an additional 947 shares during the last quarter. Finally, Gotham Asset Management LLC lifted its stake in Macerich by 8.4% during the fourth quarter. Gotham Asset Management LLC now owns 12,830 shares of the real estate investment trust’s stock worth $256,000 after purchasing an additional 997 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MAC. Mizuho raised shares of Macerich from a “neutral” rating to an “outperform” rating and cut their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price on the stock in a report on Thursday, May 22nd. Truist Financial raised their price target on Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, June 9th. JPMorgan Chase & Co. cut their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, March 10th. Finally, Scotiabank cut their target price on Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.78.

Macerich Stock Down 1.0%

NYSE MAC opened at $16.47 on Friday. The stock’s 50 day moving average is $15.76 and its two-hundred day moving average is $17.41. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of -38.29, a PEG ratio of 5.44 and a beta of 2.13. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, beating the consensus estimate of $0.31 by $0.02. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The business had revenue of $249.22 million for the quarter, compared to analyst estimates of $221.61 million. During the same quarter in the previous year, the firm earned $0.33 EPS. Macerich’s quarterly revenue was up 19.3% on a year-over-year basis. Equities analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd were given a $0.17 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.13%. Macerich’s dividend payout ratio (DPR) is presently -158.14%.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.