Algert Global LLC Sells 29,430 Shares of Macerich Company (The) $MAC

Algert Global LLC cut its position in Macerich Company (The) (NYSE:MAC) by 15.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 159,724 shares of the real estate investment trust’s stock after selling 29,430 shares during the quarter. Algert Global LLC owned approximately 0.06% of Macerich worth $2,742,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new position in Macerich in the fourth quarter worth about $45,000. State of Wyoming bought a new position in Macerich in the fourth quarter worth about $55,000. Signaturefd LLC raised its holdings in Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 862 shares in the last quarter. Raiffeisen Bank International AG bought a new position in Macerich in the fourth quarter worth about $83,000. Finally, GF Fund Management CO. LTD. bought a new position in Macerich in the fourth quarter worth about $90,000. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MAC has been the subject of a number of recent research reports. Piper Sandler upgraded shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a report on Thursday, May 22nd. Scotiabank dropped their price target on Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen lowered Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. LADENBURG THALM/SH SH assumed coverage on Macerich in a research note on Friday, July 18th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Truist Financial boosted their price target on Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Macerich presently has an average rating of “Hold” and an average target price of $19.26.

Macerich Price Performance

Shares of NYSE MAC opened at $17.1670 on Thursday. The business’s 50 day moving average price is $16.63 and its 200 day moving average price is $16.67. The firm has a market cap of $4.34 billion, a P/E ratio of -9.81, a P/E/G ratio of 3.35 and a beta of 2.22. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC) last issued its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm had revenue of $249.79 million during the quarter, compared to analysts’ expectations of $245.19 million. During the same quarter in the prior year, the company earned $0.39 EPS. Macerich’s quarterly revenue was up 15.9% on a year-over-year basis. On average, sell-side analysts expect that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 4.0%. Macerich’s payout ratio is presently -38.86%.

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.