Macerich Co (MAC) Stake Boosted by Legal & General Group Plc
Legal & General Group Plc grew its stake in shares of Macerich Co (NYSE:MAC) by 6.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,224,305 shares of the real estate investment trust’s stock after acquiring an additional 72,046 shares during the quarter. Legal & General Group Plc owned about 0.87% of Macerich worth $67,301,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Macerich by 33.7% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 35,862 shares of the real estate investment trust’s stock valued at $2,082,000 after acquiring an additional 9,044 shares in the last quarter. Apollo Management Holdings L.P. purchased a new stake in Macerich in the second quarter valued at approximately $3,039,000. Korea Investment CORP boosted its position in Macerich by 11.3% in the third quarter. Korea Investment CORP now owns 40,400 shares of the real estate investment trust’s stock valued at $2,221,000 after buying an additional 4,100 shares during the last quarter. Honeywell International Inc. boosted its position in Macerich by 27.8% in the third quarter. Honeywell International Inc. now owns 25,199 shares of the real estate investment trust’s stock valued at $1,385,000 after buying an additional 5,474 shares during the last quarter. Finally, TCW Group Inc. boosted its position in Macerich by 19.8% in the third quarter. TCW Group Inc. now owns 286,032 shares of the real estate investment trust’s stock valued at $15,723,000 after buying an additional 47,216 shares during the last quarter. Hedge funds and other institutional investors own 97.79% of the company’s stock.
Macerich Co (NYSE:MAC) traded down $0.53 during trading on Monday, reaching $64.22. The company’s stock had a trading volume of 1,632,600 shares, compared to its average volume of 1,470,566. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.25. Macerich Co has a 1-year low of $52.12 and a 1-year high of $73.34. The stock has a market cap of $9,040.43, a price-to-earnings ratio of 16.14, a PEG ratio of 2.97 and a beta of 0.88.
Macerich (NYSE:MAC) last released its quarterly earnings data on Monday, October 30th. The real estate investment trust reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.86). Macerich had a return on equity of 3.56% and a net margin of 14.92%. The company had revenue of $242.50 million during the quarter, compared to analysts’ expectations of $226.00 million. During the same quarter in the prior year, the company posted $1.04 EPS. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. sell-side analysts forecast that Macerich Co will post 3.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were given a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 4.61%. The ex-dividend date of this dividend was Thursday, November 9th. This is a positive change from Macerich’s previous quarterly dividend of $0.71. Macerich’s dividend payout ratio is currently 281.91%.
A number of equities research analysts recently commented on the company. Mizuho reiterated a “hold” rating and issued a $60.00 target price on shares of Macerich in a research report on Friday, November 10th. Royal Bank Of Canada reiterated a “buy” rating and issued a $66.00 target price on shares of Macerich in a research report on Thursday, November 2nd. Boenning Scattergood set a $75.00 target price on Macerich and gave the company a “buy” rating in a research report on Wednesday, November 1st. BMO Capital Markets set a $55.00 target price on Macerich and gave the company a “hold” rating in a research report on Monday, October 30th. Finally, KeyCorp reiterated a “buy” rating and issued a $75.00 target price on shares of Macerich in a research report on Thursday, September 28th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $66.80.
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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