DigitalBridge Group Inc. Takes Position in Macerich Company (The) $MAC

DigitalBridge Group Inc. purchased a new stake in shares of Macerich Company (The) (NYSE:MAC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 513,200 shares of the real estate investment trust’s stock, valued at approximately $9,146,000.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp lifted its position in Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after purchasing an additional 351,907 shares during the period. JPMorgan Chase & Co. increased its holdings in Macerich by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock valued at $209,692,000 after buying an additional 4,868,844 shares during the period. Geode Capital Management LLC raised its stake in shares of Macerich by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock valued at $105,160,000 after buying an additional 145,906 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Macerich by 13.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock valued at $63,014,000 after buying an additional 461,351 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Macerich by 5.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,746,730 shares of the real estate investment trust’s stock worth $68,185,000 after acquiring an additional 203,828 shares during the period. 87.38% of the stock is currently owned by institutional investors.

Macerich Price Performance

Shares of Macerich stock opened at $19.06 on Wednesday. The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of -24.75, a P/E/G ratio of 1.30 and a beta of 2.17. The firm’s 50-day moving average price is $19.02 and its two-hundred day moving average price is $18.19. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.01. Macerich Company has a 1-year low of $12.48 and a 1-year high of $20.93.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The firm had revenue of $261.70 million during the quarter, compared to the consensus estimate of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The business’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 EPS. On average, equities analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, March 16th. Macerich’s dividend payout ratio is presently -88.31%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MAC. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 target price on shares of Macerich in a research note on Monday, December 15th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Truist Financial upped their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Mizuho set a $21.00 target price on Macerich in a report on Friday, January 9th. Finally, Citigroup raised their target price on Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.46.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.