Principal Financial Group Inc. Buys 18,991 Shares of The Macerich Company (NYSE:MAC)

Principal Financial Group Inc. lifted its position in The Macerich Company (NYSE:MAC) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 854,910 shares of the real estate investment trust’s stock after buying an additional 18,991 shares during the quarter. Principal Financial Group Inc. owned about 0.40% of Macerich worth $9,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MAC. Prudential Financial Inc. lifted its position in Macerich by 1,536.8% during the 1st quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock worth $74,806,000 after acquiring an additional 4,490,809 shares during the last quarter. Smead Capital Management Inc. increased its stake in shares of Macerich by 16.8% in the fourth quarter. Smead Capital Management Inc. now owns 21,159,964 shares of the real estate investment trust’s stock worth $238,261,000 after purchasing an additional 3,043,529 shares during the period. Norges Bank acquired a new position in shares of Macerich during the 4th quarter worth about $22,702,000. State Street Corp boosted its stake in Macerich by 13.0% during the 1st quarter. State Street Corp now owns 12,904,044 shares of the real estate investment trust’s stock valued at $201,819,000 after purchasing an additional 1,482,622 shares during the period. Finally, Millennium Management LLC increased its position in Macerich by 712.5% in the 4th quarter. Millennium Management LLC now owns 1,018,218 shares of the real estate investment trust’s stock worth $11,465,000 after buying an additional 892,898 shares during the period. 90.14% of the stock is owned by institutional investors.

Macerich Trading Up 3.6 %

MAC stock opened at $11.74 on Wednesday. The Macerich Company has a 1-year low of $7.40 and a 1-year high of $14.51. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.53. The business’s 50 day moving average is $11.88 and its 200-day moving average is $11.00. The firm has a market cap of $2.53 billion, a P/E ratio of -29.15 and a beta of 2.14.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, August 8th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.49). The company had revenue of $212.40 million during the quarter, compared to the consensus estimate of $193.97 million. Macerich had a negative net margin of 10.07% and a negative return on equity of 3.01%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. Equities analysts anticipate that The Macerich Company will post 1.8 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 18th will be paid a dividend of $0.17 per share. The ex-dividend date is Thursday, August 17th. This represents a $0.68 annualized dividend and a yield of 5.79%. Macerich’s dividend payout ratio is -170.00%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MAC. VNET Group restated a “maintains” rating on shares of Macerich in a research note on Wednesday, May 17th. Piper Sandler cut their price objective on shares of Macerich from $11.00 to $9.00 in a research report on Friday, May 5th. StockNews.com initiated coverage on Macerich in a research report on Thursday, August 17th. They set a “sell” rating on the stock. 22nd Century Group reaffirmed a “maintains” rating on shares of Macerich in a report on Thursday, June 29th. Finally, Mizuho decreased their price objective on Macerich from $11.00 to $9.00 in a report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.25.

Macerich 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.