Bank of New York Mellon Corp Cuts Holdings in Macerich Company (The) (NYSE:MAC)

Bank of New York Mellon Corp decreased its position in shares of Macerich Company (The) (NYSE:MAC) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,121,640 shares of the real estate investment trust’s stock after selling 41,347 shares during the period. Bank of New York Mellon Corp owned approximately 0.84% of Macerich worth $36,429,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in Macerich by 4.0% in the first quarter. Principal Financial Group Inc. now owns 1,237,644 shares of the real estate investment trust’s stock worth $21,250,000 after acquiring an additional 47,415 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Macerich in the first quarter worth about $622,000. Sumitomo Mitsui Trust Group Inc. grew its position in Macerich by 1.2% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 269,717 shares of the real estate investment trust’s stock worth $4,631,000 after acquiring an additional 3,175 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Macerich by 5.6% in the first quarter. Illinois Municipal Retirement Fund now owns 132,219 shares of the real estate investment trust’s stock worth $2,270,000 after acquiring an additional 7,053 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its position in Macerich by 3.5% in the first quarter. Asset Management One Co. Ltd. now owns 367,295 shares of the real estate investment trust’s stock worth $6,306,000 after acquiring an additional 12,327 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Wall Street Analysts Forecast Growth

MAC has been the subject of several recent research reports. Morgan Stanley dropped their price target on Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. Piper Sandler upgraded Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 price target for the company in a research report on Thursday, May 22nd. Mizuho upgraded Macerich from a “neutral” rating to an “outperform” rating and dropped their price target for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Scotiabank decreased their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Finally, Truist Financial raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Macerich has an average rating of “Hold” and a consensus target price of $18.78.

Macerich Stock Performance

Macerich stock opened at $16.41 on Tuesday. The company has a 50 day moving average price of $15.90 and a 200-day moving average price of $17.24. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.09 and a current ratio of 1.09. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a market capitalization of $4.15 billion, a PE ratio of -38.15, a P/E/G ratio of 5.33 and a beta of 2.13.

Macerich (NYSE:MAC) last posted 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. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The firm had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The company’s revenue was up 19.3% on a year-over-year basis. As a group, equities analysts forecast that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Tuesday, June 3rd. Macerich’s dividend payout ratio (DPR) 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.