Oppenheimer Asset Management Inc. Boosts Holdings in Macerich Co (NYSE:MAC)

Oppenheimer Asset Management Inc. lifted its position in Macerich Co (NYSE:MAC) by 86.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,730 shares of the real estate investment trust’s stock after acquiring an additional 7,740 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Macerich were worth $560,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MAC. JPMorgan Chase & Co. grew its stake in Macerich by 519.9% in the first quarter. JPMorgan Chase & Co. now owns 1,093,975 shares of the real estate investment trust’s stock valued at $47,424,000 after purchasing an additional 917,498 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Macerich by 42.0% in the 2nd quarter. First Trust Advisors LP now owns 32,437 shares of the real estate investment trust’s stock valued at $1,086,000 after purchasing an additional 9,596 shares during the period. Toronto Dominion Bank grew its stake in Macerich by 47.6% during the 1st quarter. Toronto Dominion Bank now owns 99,911 shares of the real estate investment trust’s stock worth $4,330,000 after buying an additional 32,215 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Macerich during the first quarter worth approximately $954,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in Macerich by 13.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 90,338 shares of the real estate investment trust’s stock valued at $3,021,000 after buying an additional 10,620 shares during the last quarter. 97.65% of the stock is owned by hedge funds and other institutional investors.

Shares of MAC stock traded up $0.21 during trading hours on Wednesday, reaching $33.87. 62,740 shares of the company’s stock were exchanged, compared to its average volume of 1,963,754. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.93 and a quick ratio of 0.93. The company’s 50 day moving average is $30.34 and its two-hundred day moving average is $37.10. The company has a market cap of $4.79 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 4.05 and a beta of 0.76. Macerich Co has a 1 year low of $27.54 and a 1 year high of $57.38.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.02. The firm had revenue of $227.97 million for the quarter, compared to the consensus estimate of $213.18 million. Macerich had a return on equity of 3.49% and a net margin of 11.59%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share. As a group, analysts predict that Macerich Co will post 3.55 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Monday, August 19th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 8.86%. Macerich’s dividend payout ratio (DPR) is presently 77.92%.

Several research firms have recently weighed in on MAC. Citigroup decreased their price objective on Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, June 28th. Zacks Investment Research upgraded shares of Macerich from a “sell” rating to a “hold” rating and set a $30.00 price target for the company in a research note on Monday, August 26th. BMO Capital Markets restated a “buy” rating and issued a $44.00 price objective on shares of Macerich in a research note on Monday, August 5th. Barclays restated a “hold” rating and issued a $36.00 price objective on shares of Macerich in a research note on Thursday, July 18th. Finally, SunTrust Banks reduced their target price on shares of Macerich from $43.00 to $30.00 and set a “hold” rating for the company in a report on Friday, August 23rd. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $41.21.

In other news, Director Steve Hash bought 5,000 shares of Macerich stock in a transaction on Wednesday, August 14th. The stock was purchased at an average cost of $29.37 per share, with a total value of $146,850.00. Following the purchase, the director now directly owns 16,884 shares of the company’s stock, valued at approximately $495,883.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrea M. Stephen bought 10,000 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was purchased at an average price of $32.93 per share, with a total value of $329,300.00. Following the transaction, the director now owns 16,580 shares in the company, valued at approximately $545,979.40. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 67,924 shares of company stock valued at $2,123,084. Insiders own 1.73% of the company’s stock.

Macerich Profile

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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Institutional Ownership by Quarter for Macerich (NYSE:MAC)

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