Bank of America Corp DE Sells 635,732 Shares of The Macerich Company (NYSE:MAC)

Bank of America Corp DE cut its holdings in The Macerich Company (NYSE:MAC) by 55.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 501,399 shares of the real estate investment trust’s stock after selling 635,732 shares during the quarter. Bank of America Corp DE owned about 0.20% of Macerich worth $9,988,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Janney Montgomery Scott LLC raised its position in shares of Macerich by 15.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 55,118 shares of the real estate investment trust’s stock valued at $1,098,000 after acquiring an additional 7,314 shares during the last quarter. Blue Trust Inc. raised its position in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 1,064 shares during the last quarter. KBC Group NV raised its position in shares of Macerich by 92.1% during the 4th quarter. KBC Group NV now owns 11,814 shares of the real estate investment trust’s stock valued at $235,000 after acquiring an additional 5,664 shares during the last quarter. Vert Asset Management LLC raised its position in shares of Macerich by 16.3% during the 4th quarter. Vert Asset Management LLC now owns 101,486 shares of the real estate investment trust’s stock valued at $2,022,000 after acquiring an additional 14,228 shares during the last quarter. Finally, Murphy Pohlad Asset Management LLC raised its position in shares of Macerich by 1.7% during the 4th quarter. Murphy Pohlad Asset Management LLC now owns 117,460 shares of the real estate investment trust’s stock valued at $2,340,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MAC. Scotiabank dropped their target price on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Truist Financial raised shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Thursday, April 10th. Morgan Stanley lowered their target price on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a report on Monday, March 10th. Finally, The Goldman Sachs Group dropped their price objective on Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research note on Monday, March 10th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Macerich has a consensus rating of “Hold” and an average price target of $18.95.

Macerich Stock Down 2.2%

Macerich stock opened at $14.89 on Friday. The stock has a market capitalization of $3.76 billion, a PE ratio of 38.17, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The company has a 50 day moving average of $15.40 and a 200-day moving average of $18.33.

Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to analysts’ expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.33 earnings per share. On average, equities research analysts anticipate that The Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich’s payout ratio is -158.14%.

About Macerich

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.