Sumitomo Mitsui Trust Group Inc. Sells 64,240 Shares of Macerich Company (The) $MAC

Sumitomo Mitsui Trust Group Inc. lessened its stake in Macerich Company (The) (NYSE:MAC) by 15.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 347,523 shares of the real estate investment trust’s stock after selling 64,240 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Macerich were worth $7,771,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Vise Technologies Inc. purchased a new position in Macerich during the third quarter valued at approximately $219,000. State of Wyoming boosted its position in Macerich by 38.5% in the 3rd quarter. State of Wyoming now owns 55,044 shares of the real estate investment trust’s stock worth $1,231,000 after purchasing an additional 15,307 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of Macerich by 16.6% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 463,403 shares of the real estate investment trust’s stock worth $10,362,000 after purchasing an additional 66,000 shares during the period. Asset Management One Co. Ltd. grew its stake in shares of Macerich by 9.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 421,351 shares of the real estate investment trust’s stock worth $9,421,000 after purchasing an additional 35,591 shares during the period. Finally, Inspire Investing LLC increased its holdings in shares of Macerich by 2.3% during the 3rd quarter. Inspire Investing LLC now owns 33,867 shares of the real estate investment trust’s stock valued at $757,000 after purchasing an additional 762 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MAC. The Goldman Sachs Group reiterated a “sell” rating and issued a $21.00 target price on shares of Macerich in a research note on Tuesday, September 1st. Mizuho set a $28.00 price target on shares of Macerich in a research report on Wednesday, August 5th. JPMorgan Chase & Co. raised shares of Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 price objective for the company in a report on Thursday, September 24th. Piper Sandler decreased their price objective on shares of Macerich from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, October 12th. Finally, Citigroup increased their target price on shares of Macerich from $28.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.19.

Macerich Price Performance

MAC traded down $0.10 during trading on Friday, hitting $24.92. The company’s stock had a trading volume of 2,921,195 shares, compared to its average volume of 3,024,287. The firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of -67.34, a P/E/G ratio of 1.79 and a beta of 2.11. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67. The business’s fifty day simple moving average is $23.22 and its 200 day simple moving average is $22.37. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 4th. The real estate investment trust reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.42). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The business had revenue of $260.07 million for the quarter, compared to analyst estimates of $251.31 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Shareholders of record on Monday, December 14th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 14th. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. Macerich’s dividend payout ratio is currently -183.78%.

Insiders Place Their Bets

In other Macerich news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares of the company’s stock, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.