Franklin Resources Inc. Boosts Position in Macerich Company (The) $MAC

Franklin Resources Inc. lifted its holdings in shares of Macerich Company (The) (NYSE:MAC) by 232.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 215,450 shares of the real estate investment trust’s stock after acquiring an additional 150,727 shares during the quarter. Franklin Resources Inc. owned approximately 0.09% of Macerich worth $3,486,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its position in Macerich by 47.7% during the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 972 shares during the period. Quarry LP lifted its position in shares of Macerich by 2,691.6% in the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 3,203 shares during the period. PharVision Advisers LLC bought a new stake in shares of Macerich during the 1st quarter valued at about $179,000. Inspire Advisors LLC increased its position in shares of Macerich by 14.4% during the second quarter. Inspire Advisors LLC now owns 11,858 shares of the real estate investment trust’s stock valued at $192,000 after buying an additional 1,489 shares during the period. Finally, State of Wyoming increased its position in shares of Macerich by 376.8% during the first quarter. State of Wyoming now owns 13,140 shares of the real estate investment trust’s stock valued at $226,000 after buying an additional 10,384 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Performance

Shares of MAC opened at $17.12 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The stock has a market cap of $4.38 billion, a P/E ratio of -9.78, a P/E/G ratio of 2.96 and a beta of 2.25. The business’s 50 day moving average price is $17.32 and its 200-day moving average price is $17.01. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company had revenue of $253.26 million for the quarter, compared to analysts’ expectations of $246.77 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 15th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Monday, December 15th. Macerich’s dividend payout ratio is -42.77%.

Analyst Ratings Changes

MAC has been the subject of several research analyst reports. Scotiabank raised their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, November 13th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and increased their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 26th. Evercore ISI raised their target price on Macerich from $18.00 to $20.00 and gave the company an “in-line” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. upped their price target on Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 27th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.95.

About Macerich

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.