Macerich Slides as Fresh Financing Move Overshadows Q2 Operating Progress

The Macerich Company (MAC) is down 7.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied mainly to Macerich’s new financing moves, especially its proposed exchangeable senior notes offering announced on August 6, 2026, which can pressure shares when investors worry about future dilution or another layer of capital raising. The decline also fits with investor caution after second-quarter results showed an earnings miss on a per-share basis and ongoing attention to debt maturities, even though operating trends remained solid.

Details:

Macerich’s second-quarter 2026 report showed adjusted FFO of about $0.35 per share, while a widely tracked consensus figure was about $0.05 better, creating a modest earnings miss despite stronger-than-expected revenue.

Management highlighted healthy property operations, including 3.8% year-over-year growth in go-forward NOI, portfolio occupancy around 94%, and a large signed-but-not-open rent pipeline.

Debt remained a watch point on the earnings call, including a $76 million loan tied to 29th Street that remained in default after its February maturity and continued work on other 2026 maturities through sales, refinancing, modifications, or potential property give-backs.

On August 6, 2026, the company also announced a proposed offering of exchangeable senior notes, a type of financing that often weighs on REIT shares when the market focuses on balance-sheet risk and possible dilution rather than near-term operating momentum.

Sources:

Macerich, SEC, MarketBeat

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$MAC Hedge Fund Activity

We have seen 168 institutional investors add shares of $MAC stock to their portfolio, and 99 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

PRINCIPAL FINANCIAL GROUP INC added 5,769,806 shares (+463.5%) to their portfolio in Q2 2026, for an estimated $145,341,413
FMR LLC added 4,296,410 shares (+21.8%) to their portfolio in Q1 2026, for an estimated $81,202,149
RESOLUTION CAPITAL LTD added 2,941,909 shares (+204.0%) to their portfolio in Q1 2026, for an estimated $55,602,080
CITADEL ADVISORS LLC removed 1,820,961 shares (-41.1%) from their portfolio in Q1 2026, for an estimated $34,416,162
SMEAD CAPITAL MANAGEMENT, INC. removed 1,808,473 shares (-13.0%) from their portfolio in Q1 2026, for an estimated $34,180,139
GRS ADVISORS, LLC removed 1,797,730 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $33,977,097
UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 1,686,475 shares (-99.4%) from their portfolio in Q1 2026, for an estimated $31,874,377

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$MAC Analyst Ratings

Wall Street analysts have issued reports on $MAC in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Keybanc issued a "Overweight" rating on 02/23/2026

To track analyst ratings and price targets for $MAC, check out Quiver Quantitative's $MAC forecast page.

$MAC Price Targets

Multiple analysts have issued price targets for $MAC recently. We have seen 13 analysts offer price targets for $MAC in the last 6 months, with a median target of $26.0.

Here are some recent targets:

Samir Khanal from Evercore ISI Group set a target price of $24.0 on 07/07/2026
Kenneth Billingsley from Compass Point set a target price of $26.0 on 06/26/2026
Nick Joseph from Citigroup set a target price of $28.0 on 06/24/2026
Ki Bin Kim from Truist Securities set a target price of $26.0 on 06/24/2026
Ronald Kamdem from Morgan Stanley set a target price of $25.0 on 06/18/2026
Greg McGinniss from Scotiabank set a target price of $27.0 on 06/18/2026
Michael Mueller from JP Morgan set a target price of $25.0 on 06/17/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.