Canada Pension Plan Investment Board Invests $81.95 Million in Macerich Company (The) $MAC

Canada Pension Plan Investment Board purchased a new position in Macerich Company (The) (NYSE:MAC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,253,097 shares of the real estate investment trust’s stock, valued at approximately $81,946,000.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Macerich in the 2nd quarter valued at about $1,378,836,000. State Street Corp increased its position in shares of Macerich by 2.4% during the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock worth $245,322,000 after acquiring an additional 351,907 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Macerich by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock valued at $250,242,000 after acquiring an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Macerich by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock valued at $122,008,000 after acquiring an additional 70,132 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its holdings in shares of Macerich by 149.6% in the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after purchasing an additional 3,808,336 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Down 0.2%

Macerich stock opened at $24.20 on Thursday. The business has a fifty day moving average of $25.06 and a two-hundred day moving average of $22.36. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The firm has a market cap of $6.86 billion, a P/E ratio of -37.23, a P/E/G ratio of 1.74 and a beta of 2.07. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The company had revenue of $249.71 million during the quarter, compared to analysts’ expectations of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The company’s revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, analysts forecast that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be issued a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. Macerich’s payout ratio is currently -104.62%.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of research analyst reports. Citigroup lifted their target price on Macerich from $28.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. KeyCorp increased their price target on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Piper Sandler raised their price target on Macerich from $21.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $27.00 in a report on Tuesday, June 2nd. Finally, Compass Point reaffirmed a “neutral” rating and issued a $26.00 price objective (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

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.