Letko Brosseau & Associates Inc. Grows Stock Holdings in Macerich Company (The) $MAC

Letko Brosseau & Associates Inc. increased its position in shares of Macerich Company (The) (NYSE:MAC) by 0.7% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,670,295 shares of the real estate investment trust’s stock after acquiring an additional 11,975 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Macerich were worth $27,025,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MAC. Fifth Third Bancorp grew its stake in shares of Macerich by 47.7% in the second quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 972 shares in the last quarter. Signaturefd LLC boosted 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 valued at $57,000 after purchasing an additional 862 shares during the period. Quarry LP grew its stake in Macerich by 2,691.6% during the 1st quarter. Quarry LP now owns 3,322 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 3,203 shares in the last quarter. Archer Investment Corp purchased a new stake in Macerich during the 1st quarter worth about $98,000. Finally, Inspire Advisors LLC acquired a new stake in Macerich in the 1st quarter valued at about $178,000. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MAC has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 27th. Scotiabank raised their price objective on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Macerich in a research note on Wednesday, October 8th. Bank of America raised Macerich from a “neutral” rating to a “buy” rating and increased their target price for the company from $19.00 to $23.00 in a report on Friday, September 26th. Finally, Evercore ISI lifted their price target on Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a report on Monday, September 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Macerich currently has an average rating of “Hold” and a consensus target price of $19.95.

Macerich Stock Down 0.5%

MAC opened at $17.19 on Friday. Macerich Company has a one year low of $12.48 and a one year high of $22.27. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $4.40 billion, a P/E ratio of -9.82, a price-to-earnings-growth ratio of 2.96 and a beta of 2.25. The business’s 50-day simple moving average is $17.56 and its 200-day simple moving average is $16.87.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $253.26 million during the quarter, compared to analyst estimates of $246.77 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. Analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, December 15th. Macerich’s dividend payout ratio is presently -42.77%.

Macerich Company 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.