Sanctuary Advisors LLC Makes New Investment in Macerich Company (The) $MAC

Sanctuary Advisors LLC purchased a new position in shares of Macerich Company (The) (NYSE:MAC) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 23,175 shares of the real estate investment trust’s stock, valued at approximately $438,000.

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

Macerich Price Performance

Shares of Macerich stock opened at $26.02 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The firm has a fifty day simple moving average of $24.46 and a 200-day simple moving average of $21.48. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of -36.65, a PEG ratio of 1.87 and a beta of 2.06. Macerich Company has a 1-year low of $15.94 and a 1-year high of $26.67.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million for the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. Macerich’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $0.33 EPS. On average, sell-side analysts expect that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, June 15th. Macerich’s dividend payout ratio (DPR) is currently -95.77%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. KeyCorp lifted their price objective on shares of Macerich from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, June 10th. Scotiabank increased their target price on shares of Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research report on Thursday, June 18th. Jefferies Financial Group upgraded Macerich to a “strong-buy” rating in a report on Friday, June 26th. Evercore set a $24.00 price target on Macerich in a research report on Tuesday, July 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $27.00 in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.33.

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.