Wellington Management Group LLP Trims Position in Macerich Company (The) $MAC

Wellington Management Group LLP cut its holdings in shares of Macerich Company (The) (NYSE:MAC) by 77.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,247,894 shares of the real estate investment trust’s stock after selling 7,803,392 shares during the quarter. Wellington Management Group LLP’s holdings in Macerich were worth $38,596,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC purchased a new position in Macerich during the 4th quarter worth approximately $45,000. State of Wyoming acquired a new stake in shares of Macerich during the 4th quarter worth approximately $55,000. Signaturefd LLC grew its stake in shares of Macerich by 34.9% during the 1st 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 during the period. Raiffeisen Bank International AG acquired a new stake in shares of Macerich during the 4th quarter worth approximately $83,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Macerich during the 4th quarter worth approximately $90,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Price Performance

Macerich stock opened at $18.1140 on Friday. The company’s fifty day moving average price is $16.70 and its 200 day moving average price is $16.61. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. The stock has a market capitalization of $4.58 billion, a P/E ratio of -10.35, a P/E/G ratio of 3.49 and a beta of 2.22. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76.

Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (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 company had revenue of $249.79 million during the quarter, compared to analyst estimates of $245.19 million. During the same period in the prior year, the business posted $0.39 EPS. Macerich’s revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich’s payout ratio is -38.86%.

Wall Street Analysts Forecast Growth

MAC has been the topic of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a research note on Friday, July 18th. They set a “buy” rating and a $25.00 price objective on the stock. Mizuho raised shares of Macerich from a “neutral” rating to an “outperform” rating and dropped their price objective for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Wall Street Zen cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Truist Financial raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, Piper Sandler raised shares of Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 price objective on the stock in a research note on Thursday, May 22nd. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.26.

Macerich Profile

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.