First Republic Investment Management Inc. Invests $370,000 in Macerich Co (MAC) Stock
First Republic Investment Management Inc. bought a new position in shares of Macerich Co (NYSE:MAC) during the 2nd quarter, HoldingsChannel reports. The firm bought 6,516 shares of the real estate investment trust’s stock, valued at approximately $370,000.
Other institutional investors have also modified their holdings of the company. Commonwealth Bank of Australia grew its holdings in Macerich by 737.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 1,585 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Macerich by 9,246.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after acquiring an additional 2,589 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Macerich during the 2nd quarter worth about $207,000. ING Groep NV bought a new position in Macerich during the 2nd quarter worth about $219,000. Finally, Gideon Capital Advisors Inc. bought a new position in Macerich during the 2nd quarter worth about $234,000. Institutional investors own 96.30% of the company’s stock.
Several research analysts have issued reports on the stock. BMO Capital Markets set a $64.00 target price on shares of Macerich and gave the stock a “buy” rating in a report on Tuesday. Evercore ISI raised shares of Macerich from an “in-line” rating to an “outperform” rating in a research report on Monday, September 17th. Morgan Stanley decreased their price target on shares of Macerich from $62.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, June 14th. Zacks Investment Research lowered shares of Macerich from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Finally, Goldman Sachs Group raised shares of Macerich from a “sell” rating to a “neutral” rating and increased their price target for the company from $52.00 to $64.00 in a research report on Tuesday, July 17th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $64.36.
Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, August 1st. The real estate investment trust reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.91). The company had revenue of $234.50 million during the quarter, compared to analysts’ expectations of $216.37 million. Macerich had a net margin of 2.52% and a return on equity of 1.58%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share. analysts predict that Macerich Co will post 3.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 7th. Investors of record on Friday, August 17th were given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 5.34%. The ex-dividend date of this dividend was Thursday, August 16th. Macerich’s payout ratio is currently 75.32%.
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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