OVERSEA CHINESE BANKING Corp Ltd Sells 36,902 Shares of Macerich Company (The) $MAC

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Macerich Company (The) (NYSE:MAC) by 49.8% in the 3rd quarter, Holdings Channel reports. The fund owned 37,190 shares of the real estate investment trust’s stock after selling 36,902 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Macerich were worth $677,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in shares of Macerich by 47.7% in the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 972 shares in the last quarter. GAMMA Investing LLC lifted its position in Macerich by 14.8% in the 3rd quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 691 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Macerich by 16.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 858 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Macerich in the second quarter worth approximately $191,000. Finally, Inspire Advisors LLC grew its position in Macerich by 14.4% during the second quarter. Inspire Advisors LLC now owns 11,858 shares of the real estate investment trust’s stock valued at $192,000 after acquiring an additional 1,489 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Trading Up 0.1%

Macerich stock opened at $18.33 on Friday. Macerich Company has a 12 month low of $12.48 and a 12 month high of $21.12. The company has a market capitalization of $4.69 billion, a price-to-earnings ratio of -11.53, a price-to-earnings-growth ratio of 3.53 and a beta of 2.06. The business’s fifty day simple moving average is $17.92 and its two-hundred day simple moving average is $17.54. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.97.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $253.26 million for the quarter, compared to the consensus estimate of $246.77 million. Macerich had a negative net margin of 37.97% and a negative return on equity of 14.21%. Macerich’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. As a group, equities analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 15th were issued a dividend of $0.17 per share. The ex-dividend date was Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.7%. Macerich’s dividend payout ratio is presently -42.77%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MAC. Mizuho set a $21.00 price objective on shares of Macerich in a report on Friday, January 9th. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price objective on shares of Macerich in a research report on Monday, December 15th. Scotiabank upped their price target on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Truist Financial dropped their target price on shares of Macerich from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Finally, Bank of America upgraded shares of Macerich from a “neutral” rating to a “buy” rating and increased their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 26th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.67.

Macerich Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.