Principal Financial Group Inc. Purchases 24,248 Shares of Macerich Company (The) $MAC

Principal Financial Group Inc. boosted its position in Macerich Company (The) (NYSE:MAC) by 2.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,244,831 shares of the real estate investment trust’s stock after purchasing an additional 24,248 shares during the quarter. Principal Financial Group Inc.’s holdings in Macerich were worth $23,527,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Macerich by 2.4% in 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 purchasing an additional 351,907 shares during the period. JPMorgan Chase & Co. grew its position in 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 worth $250,242,000 after buying an additional 2,034,338 shares in the last quarter. Geode Capital Management LLC grew its position in 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 worth $122,008,000 after buying an additional 70,132 shares in the last quarter. Centersquare Investment Management LLC increased its stake in Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after acquiring an additional 3,808,336 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Macerich by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock worth $93,030,000 after acquiring an additional 123,769 shares during the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Price Performance

Shares of NYSE MAC opened at $25.58 on Tuesday. Macerich Company has a 1 year low of $15.94 and a 1 year high of $26.23. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83. The company’s 50-day moving average is $23.93 and its 200 day moving average is $21.12. The stock has a market capitalization of $7.25 billion, a P/E ratio of -36.03, a P/E/G ratio of 1.74 and a beta of 2.06.

Macerich (NYSE:MAC) last announced its quarterly 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. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same period in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 15th. Macerich’s dividend payout ratio (DPR) is -95.77%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial lifted their price target on Macerich from $20.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Compass Point reaffirmed a “neutral” rating and issued a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. The Goldman Sachs Group lifted their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research report on Friday, May 15th. Scotiabank boosted their price target on shares of Macerich from $24.00 to $27.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 18th. Finally, Citigroup raised shares of Macerich from a “neutral” rating to a “buy” rating and increased their price target for the stock from $24.00 to $28.00 in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Macerich presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.14.

Macerich Company 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.