Victory Capital Management Inc. Trims Stake in Macerich Co (NYSE:MAC)

Victory Capital Management Inc. reduced its position in shares of Macerich Co (NYSE:MAC) by 62.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,532 shares of the real estate investment trust’s stock after selling 2,568 shares during the period. Victory Capital Management Inc.’s holdings in Macerich were worth $51,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Macerich by 3.6% in the second quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock worth $688,368,000 after acquiring an additional 711,878 shares in the last quarter. Cohen & Steers Inc. grew its position in Macerich by 105.1% in the second quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock worth $443,035,000 after acquiring an additional 6,780,378 shares in the last quarter. BlackRock Inc. grew its position in Macerich by 1.1% in the second quarter. BlackRock Inc. now owns 11,691,318 shares of the real estate investment trust’s stock worth $391,543,000 after acquiring an additional 123,293 shares in the last quarter. Morgan Stanley grew its position in Macerich by 3.3% in the second quarter. Morgan Stanley now owns 8,021,660 shares of the real estate investment trust’s stock worth $268,645,000 after acquiring an additional 257,575 shares in the last quarter. Finally, Invesco Ltd. grew its position in Macerich by 4.2% in the second quarter. Invesco Ltd. now owns 6,989,870 shares of the real estate investment trust’s stock worth $234,091,000 after acquiring an additional 278,524 shares in the last quarter. Hedge funds and other institutional investors own 97.65% of the company’s stock.

Several research analysts recently issued reports on MAC shares. BMO Capital Markets lowered shares of Macerich from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $40.00 to $33.00 in a research report on Thursday, September 26th. SunTrust Banks cut their target price on shares of Macerich from $43.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. ValuEngine upgraded shares of Macerich from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Bank of America cut their target price on shares of Macerich from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Zacks Investment Research upgraded shares of Macerich from a “sell” rating to a “hold” rating and set a $30.00 target price for the company in a research report on Monday, August 26th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $39.19.

Macerich stock opened at $27.98 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $3.90 billion, a PE ratio of 7.27, a P/E/G ratio of 4.18 and a beta of 0.77. The firm has a fifty day simple moving average of $30.30 and a two-hundred day simple moving average of $35.31. Macerich Co has a twelve month low of $27.11 and a twelve month high of $53.61.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.02. The business had revenue of $227.97 million during the quarter, compared to the consensus estimate of $213.18 million. Macerich had a net margin of 11.59% and a return on equity of 3.49%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share. As a group, equities analysts expect that Macerich Co will post 3.55 earnings per share for the current fiscal year.

In other news, President Edward C. Coppola acquired 18,223 shares of the stock in a transaction dated Friday, August 9th. The stock was purchased at an average cost of $30.78 per share, with a total value of $560,903.94. Following the completion of the purchase, the president now owns 284,095 shares in the company, valued at approximately $8,744,444.10. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hern Thomas E. O acquired 5,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were purchased at an average cost of $30.90 per share, with a total value of $154,500.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 39,424 shares of company stock valued at $1,192,094. Insiders own 1.73% of the company’s stock.

About Macerich

Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Institutional Ownership by Quarter for Macerich (NYSE:MAC)

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