Bamco Inc. NY Raises Position in The Macerich Company (NYSE:MAC)

Bamco Inc. NY lifted its position in shares of The Macerich Company (NYSE:MAC) by 742.3% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,695,420 shares of the real estate investment trust’s stock after buying an additional 1,494,145 shares during the quarter. Bamco Inc. NY owned approximately 0.75% of Macerich worth $30,924,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 933 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Macerich during the 2nd quarter valued at $50,000. GAMMA Investing LLC lifted its stake in Macerich by 40.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 933 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Macerich in the 2nd quarter worth $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Macerich by 34.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2,161 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MAC. Evercore ISI boosted their price target on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. The Goldman Sachs Group boosted their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Compass Point upped their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Bank of America upped their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Finally, Piper Sandler upped their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Five investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.40.

Macerich Price Performance

Macerich stock opened at $20.87 on Tuesday. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 53.51, a price-to-earnings-growth ratio of 0.73 and a beta of 2.51. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The Macerich Company has a 1 year low of $11.94 and a 1 year high of $21.71. The firm has a 50-day moving average of $18.78 and a two-hundred day moving average of $16.56.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million during the quarter, compared to analysts’ expectations of $208.54 million. During the same period last year, the firm earned $0.44 earnings per share. Macerich’s quarterly revenue was up .9% on a year-over-year basis. On average, research analysts forecast that The Macerich Company will post 1.58 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were given a $0.17 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.26%. Macerich’s payout ratio is presently 174.36%.

Macerich Company Profile

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.