Legal & General Group Plc Purchases Shares of 1,698,297 Macerich Company (The) $MAC

Legal & General Group Plc purchased a new position in Macerich Company (The) (NYSE:MAC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,698,297 shares of the real estate investment trust’s stock, valued at approximately $42,780,000.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its position in shares of Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 585 shares in the last quarter. Global Retirement Partners LLC raised its stake in Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after acquiring an additional 1,095 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in Macerich during the second quarter valued at approximately $36,000. Hantz Financial Services Inc. boosted its position in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 684 shares during the period. Finally, Triumph Capital Management purchased a new stake in shares of Macerich in the third quarter worth $33,000. Institutional investors own 87.38% of the company’s stock.

Analyst Ratings Changes

MAC has been the subject of several recent analyst reports. Mizuho set a $28.00 target price on shares of Macerich in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft raised Macerich from a “hold” rating to a “buy” rating and raised their price target for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a research report on Friday, June 26th. KeyCorp upped their price objective on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 10th. Finally, Evercore set a $25.00 target price on Macerich in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Macerich has an average rating of “Moderate Buy” and an average target price of $25.88.

Macerich Stock Performance

NYSE:MAC opened at $23.75 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. Macerich Company has a 1 year low of $16.03 and a 1 year high of $26.67. The stock’s 50 day simple moving average is $25.07 and its two-hundred day simple moving average is $22.40. The company has a market cap of $6.73 billion, a price-to-earnings ratio of -36.54, a PEG ratio of 1.72 and a beta of 2.07.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The firm had revenue of $249.71 million for the quarter, compared to analysts’ expectations of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm’s revenue was up .0% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. As a group, equities analysts anticipate that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. Macerich’s dividend payout ratio is presently -104.62%.

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.