The Macerich Company (NYSE:MAC) Shares Bought by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in The Macerich Company (NYSE:MAC) by 7.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,274 shares of the real estate investment trust’s stock after purchasing an additional 9,137 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned about 0.06% of Macerich worth $1,423,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Bank Pictet & Cie Europe AG acquired a new position in shares of Macerich in the 2nd quarter valued at $360,000. Principal Financial Group Inc. lifted its holdings in shares of Macerich by 42.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,221,660 shares of the real estate investment trust’s stock valued at $13,768,000 after acquiring an additional 366,750 shares in the last quarter. Wolverine Asset Management LLC lifted its holdings in shares of Macerich by 20.8% during the 2nd quarter. Wolverine Asset Management LLC now owns 42,498 shares of the real estate investment trust’s stock valued at $479,000 after acquiring an additional 7,314 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Macerich by 3.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 377,923 shares of the real estate investment trust’s stock valued at $4,259,000 after acquiring an additional 11,635 shares in the last quarter. Finally, abrdn plc lifted its holdings in shares of Macerich by 13.6% during the 2nd quarter. abrdn plc now owns 45,996 shares of the real estate investment trust’s stock valued at $518,000 after acquiring an additional 5,504 shares in the last quarter. Institutional investors and hedge funds own 90.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MAC shares. StockNews.com started coverage on shares of Macerich in a report on Thursday, October 5th. They set a “sell” rating on the stock. Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $11.00 to $12.00 in a research note on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $11.90.

Macerich Stock Performance

Macerich stock opened at $11.32 on Monday. The Macerich Company has a 12-month low of $8.77 and a 12-month high of $14.51. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -7.30, a price-to-earnings-growth ratio of 2.49 and a beta of 2.18. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.95 and a quick ratio of 0.95. The firm’s fifty day moving average price is $10.88 and its 200 day moving average price is $11.11.

Macerich (NYSE:MAC) last released its earnings results on Tuesday, October 31st. The real estate investment trust reported ($1.22) earnings per share for the quarter, missing the consensus estimate of $0.44 by ($1.66). The company had revenue of $218.20 million during the quarter, compared to the consensus estimate of $200.63 million. Macerich had a negative return on equity of 12.04% and a negative net margin of 38.30%. Macerich’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 EPS. On average, research analysts forecast that The Macerich Company will post 1.79 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 6.01%. The ex-dividend date of this dividend is Wednesday, November 8th. Macerich’s payout ratio is currently -43.87%.

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.