Letko Brosseau & Associates Inc. Sells 862,150 Shares of The Macerich Company (NYSE:MAC)

Letko Brosseau & Associates Inc. lessened its holdings in shares of The Macerich Company (NYSE:MAC) by 26.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,407,595 shares of the real estate investment trust’s stock after selling 862,150 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Macerich were worth $47,959,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. CIBC Private Wealth Group LLC boosted its stake in shares of Macerich by 9.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock valued at $118,000 after buying an additional 512 shares during the period. M&T Bank Corp boosted its stake in shares of Macerich by 2.8% in the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock valued at $403,000 after buying an additional 543 shares during the period. Dorsey & Whitney Trust CO LLC boosted its stake in shares of Macerich by 5.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock valued at $244,000 after buying an additional 665 shares during the period. Custom Index Systems LLC boosted its stake in shares of Macerich by 8.7% in the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust’s stock valued at $232,000 after buying an additional 928 shares during the period. Finally, Townsquare Capital LLC boosted its stake in shares of Macerich by 7.0% in the fourth quarter. Townsquare Capital LLC now owns 14,395 shares of the real estate investment trust’s stock valued at $287,000 after buying an additional 947 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Stock Performance

NYSE MAC opened at $14.96 on Monday. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 38.36, a PEG ratio of 0.71 and a beta of 2.13. The Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. The stock has a fifty day simple moving average of $15.63 and a 200 day simple moving average of $18.53. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 4.55%. Macerich’s payout ratio is -86.08%.

Analyst Upgrades and Downgrades

MAC has been the subject of several recent research reports. Morgan Stanley cut their price target on Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Piper Sandler lowered their price objective on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. Truist Financial upgraded shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Thursday, April 10th. Scotiabank lowered their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, March 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Macerich presently has an average rating of “Hold” and an average price target of $18.95.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.