JPMorgan Chase & Co. Acquires 4,868,844 Shares of Macerich Company (The) $MAC

JPMorgan Chase & Co. lifted its holdings in shares of Macerich Company (The) (NYSE:MAC) by 73.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,521,554 shares of the real estate investment trust’s stock after acquiring an additional 4,868,844 shares during the quarter. JPMorgan Chase & Co. owned approximately 4.50% of Macerich worth $209,692,000 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 MAC. GAMMA Investing LLC lifted its position in shares of Macerich by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 691 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Macerich by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 858 shares in the last quarter. Archer Investment Corp lifted its holdings in Macerich by 25.9% in the third quarter. Archer Investment Corp now owns 7,179 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 1,479 shares during the period. Quadrature Capital Ltd purchased a new stake in Macerich in the second quarter worth about $191,000. Finally, Inspire Advisors LLC boosted its position in Macerich by 14.4% during the 2nd quarter. Inspire Advisors LLC now owns 11,858 shares of the real estate investment trust’s stock valued at $192,000 after acquiring an additional 1,489 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Up 2.4%

Shares of Macerich stock opened at $20.25 on Friday. Macerich Company has a twelve month low of $12.48 and a twelve month high of $20.65. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 2.01. The company’s 50 day moving average is $18.68 and its 200 day moving average is $17.93. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -26.29, a price-to-earnings-growth ratio of 4.39 and a beta of 2.16.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The company had revenue of $261.70 million for 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%. Macerich’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 earnings per share. Research analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, March 16th. Macerich’s dividend payout ratio (DPR) is presently -42.77%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Mizuho set a $21.00 target price on Macerich in a research note on Friday, January 9th. Scotiabank boosted their target price on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Thursday, January 22nd. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Finally, Truist Financial upped their price objective on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $19.76.

About Macerich

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.