The Advisors Asset Management Inc. Acquires 678 Shares of The Macerich Co. (MAC)

The Advisors Asset Management Inc. Acquires 678 Shares of The Macerich Co. (MAC)

Advisors Asset Management Inc. raised its stake in shares of The Macerich Co. (NYSE:MAC) by 46.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,129 shares of the real estate investment trust’s stock after buying an additional 678 shares during the period. Advisors Asset Management Inc.’s holdings in The Macerich were worth $182,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised its position in shares of The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock worth $168,000 after buying an additional 82 shares during the last quarter. Forum Securities Ltd raised its position in shares of The Macerich by 0.3% in the second quarter. Forum Securities Ltd now owns 25,559 shares of the real estate investment trust’s stock worth $2,182,000 after buying an additional 82 shares during the last quarter. Presima Inc. raised its position in shares of The Macerich by 1.4% in the second quarter. Presima Inc. now owns 7,000 shares of the real estate investment trust’s stock worth $598,000 after buying an additional 100 shares during the last quarter. Norinchukin Bank The raised its position in shares of The Macerich by 4.3% in the second quarter. Norinchukin Bank The now owns 2,768 shares of the real estate investment trust’s stock worth $236,000 after buying an additional 113 shares during the last quarter. Finally, DNB Asset Management AS raised its position in shares of The Macerich by 1.9% in the second quarter. DNB Asset Management AS now owns 10,595 shares of the real estate investment trust’s stock worth $905,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 94.66% of the company’s stock.

Shares of The Macerich Co. (NYSE:MAC) traded down 3.09% during mid-day trading on Wednesday, reaching $75.83. 562,360 shares of the company’s stock traded hands. The company’s 50 day moving average is $81.55 and its 200 day moving average is $81.20. The company has a market cap of $10.89 billion, a P/E ratio of 12.74 and a beta of 0.90. The Macerich Co. has a 12-month low of $71.82 and a 12-month high of $94.51.

The Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The company had revenue of $259.90 million for the quarter, compared to analyst estimates of $252.32 million. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The firm’s revenue was down 19.5% on a year-over-year basis. During the same quarter last year, the business earned $0.90 earnings per share. On average, analysts predict that The Macerich Co. will post $4.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Friday, August 19th were given a $0.68 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $2.72 annualized dividend and a dividend yield of 3.48%. The Macerich’s dividend payout ratio (DPR) is 45.87%.

A number of brokerages recently weighed in on MAC. Deutsche Bank AG boosted their price objective on shares of The Macerich from $84.00 to $87.00 and gave the stock a “hold” rating in a report on Tuesday. Jefferies Group boosted their price objective on shares of The Macerich from $86.00 to $88.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. BTIG Research began coverage on shares of The Macerich in a report on Thursday, August 25th. They issued a “buy” rating and a $97.00 price objective for the company. Canaccord Genuity boosted their price objective on shares of The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $87.93.

In other news, EVP Robert D. Perlmutter sold 1,500 shares of The Macerich stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $89.79, for a total value of $134,685.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Randy L. Brant sold 24,250 shares of The Macerich stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $83.10, for a total transaction of $2,015,175.00. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by insiders.

About The Macerich

The Macerich Company 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.

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