APG Asset Management US Inc. Acquires 309,544 Shares of Macerich Company (The) $MAC

APG Asset Management US Inc. boosted its stake in shares of Macerich Company (The) (NYSE:MAC) by 29.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,351,135 shares of the real estate investment trust’s stock after acquiring an additional 309,544 shares during the quarter. APG Asset Management US Inc. owned about 0.53% of Macerich worth $24,320,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of Macerich by 20.1% in the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC lifted its position in Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Macerich by 10.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after buying an additional 13,782 shares during the period. Millennium Management LLC boosted its stake in Macerich by 376.2% during the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after buying an additional 716,394 shares during the period. Finally, Empowered Funds LLC increased its position in Macerich by 12.8% during the first quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 2,983 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MAC shares. Jefferies Financial Group restated a “buy” rating and issued a $21.00 target price on shares of Macerich in a report on Monday, December 15th. Truist Financial increased their price objective on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Scotiabank boosted their target price on Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Finally, KeyCorp set a $25.00 price target on Macerich and gave the stock an “overweight” rating in a report on Monday, February 23rd. Six 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. Based on data from MarketBeat, Macerich presently has an average rating of “Hold” and a consensus price target of $20.26.

Macerich Stock Performance

Shares of NYSE:MAC opened at $20.49 on Friday. The firm’s 50 day simple moving average is $18.87 and its 200-day simple moving average is $18.06. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.03 and a current ratio of 1.02. Macerich Company has a one year low of $12.48 and a one year high of $20.93. The firm has a market cap of $5.26 billion, a PE ratio of -26.61, a price-to-earnings-growth ratio of 1.40 and a beta of 2.16.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The firm had revenue of $261.70 million during the quarter, compared to analysts’ expectations of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS. As a group, equities analysts predict that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.3%. Macerich’s dividend payout ratio is presently -88.31%.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.