M&T Bank Corp Buys Shares of 71,237 Macerich Company (The) $MAC

M&T Bank Corp bought a new stake in Macerich Company (The) (NYSE:MAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 71,237 shares of the real estate investment trust’s stock, valued at approximately $1,315,000.

Several other institutional investors and hedge funds have also made changes to their positions in MAC. Royal Bank of Canada lifted its position in shares of 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 valued at $1,338,000 after acquiring an additional 13,018 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of 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 valued at $640,000 after acquiring an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 valued at $2,551,000 after acquiring an additional 13,782 shares in the last quarter. Millennium Management LLC lifted its position in shares of Macerich by 376.2% in the first quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after acquiring an additional 716,394 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Macerich by 12.8% in 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 in the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MAC has been the topic of several recent research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a research report on Thursday, January 22nd. Citigroup upped their price objective on Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Mizuho set a $21.00 price objective on Macerich in a research report on Friday, January 9th. Truist Financial upped their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, KeyCorp set a $25.00 target price on Macerich and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Seven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.77.

Macerich Stock Performance

NYSE MAC opened at $21.83 on Thursday. The business’s 50-day moving average price is $20.06 and its 200 day moving average price is $18.73. Macerich Company has a twelve month low of $14.16 and a twelve month high of $22.56. The company has a market capitalization of $5.68 billion, a PE ratio of -28.35, a price-to-earnings-growth ratio of 1.49 and a beta of 2.20. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 2.01.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.50). Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The business had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. During the same quarter last year, the company posted $0.47 earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, research analysts predict that Macerich Company will post 1.46 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Monday, March 16th were paid a dividend of $0.17 per share. The ex-dividend date was Monday, March 16th. This represents a $0.68 annualized dividend and a yield of 3.1%. Macerich’s dividend payout ratio is currently -88.31%.

Macerich 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.