abrdn plc Grows Stake in The Macerich Company (NYSE:MAC)

abrdn plc raised its stake in The Macerich Company (NYSE:MACGet Rating) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,451 shares of the real estate investment trust’s stock after acquiring an additional 1,491 shares during the quarter. abrdn plc’s holdings in Macerich were worth $761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MAC. Whittier Trust Co. boosted its stake in Macerich by 201.1% in the first quarter. Whittier Trust Co. now owns 2,246 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 1,500 shares during the last quarter. West Bancorporation Inc. bought a new stake in shares of Macerich in the fourth quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA raised its position in shares of Macerich by 546.2% in the fourth quarter. Compagnie Lombard Odier SCmA now owns 4,200 shares of the real estate investment trust’s stock valued at $72,000 after purchasing an additional 3,550 shares during the period. Inspire Advisors LLC bought a new stake in shares of Macerich in the first quarter valued at approximately $158,000. Finally, Cornerstone Investment Partners LLC bought a new stake in shares of Macerich in the first quarter valued at approximately $180,000. 84.57% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, President Edward C. Coppola purchased 60,000 shares of the business’s stock in a transaction on Thursday, June 30th. The stock was acquired at an average price of $8.75 per share, with a total value of $525,000.00. Following the purchase, the president now directly owns 575,739 shares in the company, valued at $5,037,716.25. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Macerich news, President Edward C. Coppola acquired 60,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was bought at an average price of $8.75 per share, with a total value of $525,000.00. Following the purchase, the president now owns 575,739 shares of the company’s stock, valued at $5,037,716.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Edward C. Coppola acquired 40,000 shares of the business’s stock in a transaction dated Friday, June 10th. The stock was acquired at an average cost of $10.28 per share, with a total value of $411,200.00. Following the purchase, the president now directly owns 515,739 shares in the company, valued at approximately $5,301,796.92. The disclosure for this purchase can be found here. Insiders purchased a total of 125,000 shares of company stock valued at $1,173,450 in the last quarter. Corporate insiders own 1.77% of the company’s stock.

Wall Street Analyst Weigh In

MAC has been the topic of several research reports. Compass Point lowered their price target on shares of Macerich from $27.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Macerich from $23.00 to $17.00 in a research report on Monday, July 18th. Piper Sandler lowered their price target on shares of Macerich to $9.00 in a research report on Monday, July 4th. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Jefferies Financial Group decreased their target price on shares of Macerich from $15.00 to $9.00 and set a “hold” rating on the stock in a report on Thursday, June 30th. Six research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Macerich presently has an average rating of “Hold” and an average price target of $15.95.

Macerich Stock Performance

Macerich stock opened at $10.08 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.27 and a debt-to-equity ratio of 1.45. The Macerich Company has a 1-year low of $8.42 and a 1-year high of $22.88. The firm has a market capitalization of $2.16 billion, a PE ratio of 56.00, a price-to-earnings-growth ratio of 1.30 and a beta of 1.98. The firm’s 50 day simple moving average is $9.96 and its 200 day simple moving average is $13.06.

Macerich (NYSE:MACGet Rating) last released its quarterly earnings results on Monday, May 9th. The real estate investment trust reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.63). Macerich had a return on equity of 1.18% and a net margin of 4.30%. The company had revenue of $216.10 million during the quarter, compared to analysts’ expectations of $209.20 million. During the same period in the prior year, the firm earned $0.45 EPS. Macerich’s quarterly revenue was up 13.5% on a year-over-year basis. As a group, analysts expect that The Macerich Company will post 1.96 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Friday, August 19th will be paid a $0.15 dividend. The ex-dividend date is Thursday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 5.95%. Macerich’s dividend payout ratio is presently 333.33%.

Macerich Profile

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Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Institutional Ownership by Quarter for Macerich (NYSE:MAC)

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