Intech Investment Management LLC Reduces Holdings in Macerich Company (The) $MAC

Intech Investment Management LLC lessened its holdings in shares of Macerich Company (The) (NYSE:MAC) by 19.4% in the third quarter, Holdings Channel.com reports. The firm owned 102,759 shares of the real estate investment trust’s stock after selling 24,782 shares during the period. Intech Investment Management LLC’s holdings in Macerich were worth $1,870,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of MAC. State Street Corp boosted 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 acquiring an additional 351,907 shares during the period. JPMorgan Chase & Co. boosted its stake in Macerich by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,521,554 shares of the real estate investment trust’s stock worth $209,692,000 after purchasing an additional 4,868,844 shares during the period. Geode Capital Management LLC boosted its stake in Macerich by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,498,679 shares of the real estate investment trust’s stock worth $105,160,000 after purchasing an additional 145,906 shares during the period. Ameriprise Financial Inc. grew its holdings in Macerich by 13.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,894,230 shares of the real estate investment trust’s stock valued at $63,014,000 after buying an additional 461,351 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Macerich during the second quarter valued at about $51,475,000. Institutional investors own 87.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. The Goldman Sachs Group lifted their price objective on Macerich from $15.00 to $17.00 and gave the company a “sell” rating in a research note on Monday. Scotiabank upped their target price on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Jefferies Financial Group reiterated a “buy” rating and set a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Finally, Citigroup boosted their price objective on Macerich from $19.00 to $21.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Macerich has an average rating of “Hold” and an average price target of $20.46.

Macerich Stock Up 2.0%

Shares of Macerich stock opened at $20.29 on Thursday. The company’s 50 day moving average price is $18.95 and its 200-day moving average price is $18.11. Macerich Company has a 52-week low of $12.48 and a 52-week high of $20.93. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of -26.35, a P/E/G ratio of 1.36 and a beta of 2.17.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.50). The business had revenue of $261.70 million for the quarter, compared to analysts’ expectations of $260.48 million. Macerich had a negative net margin of 19.44% and a negative return on equity of 7.32%. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. Equities research analysts forecast that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, March 16th. This represents a $0.68 annualized dividend and a dividend yield of 3.4%. Macerich’s payout ratio is currently -88.31%.

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.