Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Macerich Co (NYSE:MAC) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 455,691 shares of the real estate investment trust’s stock after buying an additional 11,961 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.32% of Macerich worth $25,195,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth Bank of Australia raised its holdings in Macerich by 737.2% in the 2nd 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 last quarter. Envestnet Asset Management Inc. raised its holdings in Macerich by 9,246.4% in the 2nd 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 last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Macerich in the 2nd quarter valued at approximately $207,000. Engineers Gate Manager LP bought a new position in Macerich in the 3rd quarter valued at approximately $205,000. Finally, ING Groep NV bought a new position in Macerich in the 2nd quarter valued at approximately $219,000. Institutional investors and hedge funds own 96.48% of the company’s stock.
A number of research analysts recently issued reports on MAC shares. BMO Capital Markets set a $66.00 price objective on shares of Macerich and gave the company a “buy” rating in a report on Wednesday, August 1st. Barclays restated a “hold” rating and set a $54.00 price target on shares of Macerich in a report on Sunday, October 14th. Zacks Investment Research upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Monday, October 22nd. SunTrust Banks restated a “hold” rating and set a $60.00 price target on shares of Macerich in a report on Thursday, August 16th. Finally, Bank of America raised their price target on shares of Macerich from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.97.
Macerich stock opened at $48.70 on Friday. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.96 and a quick ratio of 0.96. Macerich Co has a 52-week low of $48.16 and a 52-week high of $69.73. The company has a market cap of $6.87 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 2.09 and a beta of 0.82.
Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.32. Macerich had a net margin of 8.35% and a return on equity of 3.29%. The firm had revenue of $242.20 million during the quarter, compared to analyst estimates of $220.02 million. During the same quarter last year, the business earned $0.12 EPS. The company’s revenue was down .1% compared to the same quarter last year. Analysts forecast that Macerich Co will post 3.86 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Friday, November 9th will be given a dividend of $0.75 per share. This is an increase from Macerich’s previous quarterly dividend of $0.74. The ex-dividend date is Thursday, November 8th. This represents a $3.00 annualized dividend and a dividend yield of 6.16%. Macerich’s dividend payout ratio (DPR) is 76.34%.
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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