Letko Brosseau & Associates Inc. Sells 64,925 Shares of Macerich Company (The) $MAC

Letko Brosseau & Associates Inc. lowered its stake in shares of Macerich Company (The) (NYSE:MAC) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,776,245 shares of the real estate investment trust’s stock after selling 64,925 shares during the period. Letko Brosseau & Associates Inc. owned 0.63% of Macerich worth $39,717,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MAC. Quantbot Technologies LP bought a new stake in Macerich in the 2nd quarter valued at about $1,476,000. Quantinno Capital Management LP lifted its holdings in Macerich by 165.6% during the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust’s stock valued at $2,656,000 after purchasing an additional 87,626 shares during the last quarter. Wealth Science Advisors LLC bought a new position in Macerich during the second quarter worth about $1,051,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Macerich during the second quarter worth about $10,011,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Macerich by 16,284.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust’s stock worth $45,525,000 after purchasing an additional 1,796,223 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Insider Activity at Macerich

In other 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 value of $63,787.20. Following the transaction, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is owned by insiders.

Macerich Stock Down 0.4%

Shares of NYSE MAC opened at $25.29 on Friday. Macerich Company has a 12 month low of $16.03 and a 12 month high of $26.67. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 1.85. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of -68.35, a PEG ratio of 1.84 and a beta of 2.11. The business has a 50-day moving average of $23.37 and a 200-day moving average of $22.51.

Macerich (NYSE:MAC) last posted its quarterly earnings data 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). The company had revenue of $260.07 million during the quarter, compared to the consensus estimate of $251.31 million. Macerich had a negative return on equity of 3.68% and a negative net margin of 9.76%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. Sell-side analysts expect that Macerich Company will post 1.48 earnings per share for the current fiscal year.

Macerich Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $21.00 price objective on shares of Macerich in a report on Tuesday, September 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Macerich in a report on Tuesday. Truist Financial began coverage on Macerich in a report on Friday, October 2nd. They set a “buy” rating and a $26.00 target price for the company. BNP Paribas Exane began coverage on Macerich in a research report on Friday, October 9th. They set an “outperform” rating and a $28.00 price target on the stock. Finally, Evercore began coverage on shares of Macerich in a report on Thursday, November 5th. They issued a “strong-buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.19.

Macerich Profile

The Macerich Company is a real estate investment trust (REIT) that owns, operates, leases and redevelops shopping centers in major U.S. markets. Its properties are primarily regional malls and other retail destinations, with a significant presence in the western United States. Macerich’s business includes managing its properties and attracting a mix of retailers, restaurants, entertainment venues and service providers. The company also invests in property upgrades and redevelopment to adapt its centers to changing customer and tenant needs.