Fisher Asset Management LLC Decreases Stock Position in Macerich Company (The) $MAC

Fisher Asset Management LLC trimmed its holdings in shares of Macerich Company (The) (NYSE:MAC) by 8.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,950,665 shares of the real estate investment trust’s stock after selling 268,853 shares during the period. Fisher Asset Management LLC owned approximately 1.17% of Macerich worth $47,742,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. PGGM Investments increased its holdings in Macerich by 15.9% in the 2nd quarter. PGGM Investments now owns 4,022,858 shares of the real estate investment trust’s stock worth $65,090,000 after buying an additional 552,194 shares in the last quarter. Intech Investment Management LLC lifted its stake in Macerich by 39.2% during the 1st quarter. Intech Investment Management LLC now owns 167,341 shares of the real estate investment trust’s stock valued at $2,873,000 after acquiring an additional 47,089 shares during the period. Strs Ohio purchased a new stake in shares of Macerich during the 1st quarter valued at about $797,000. Invst LLC bought a new stake in shares of Macerich in the first quarter worth approximately $720,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Macerich by 5.9% during the second quarter. Bank of New York Mellon Corp now owns 2,246,236 shares of the real estate investment trust’s stock valued at $36,344,000 after purchasing an additional 124,596 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Stock Performance

NYSE:MAC opened at $17.12 on Wednesday. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a 50-day simple moving average of $17.32 and a two-hundred day simple moving average of $17.01. The firm has a market capitalization of $4.38 billion, a PE ratio of -9.78, a P/E/G ratio of 2.96 and a beta of 2.25. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Wednesday, November 5th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $253.26 million for the quarter, compared to analysts’ expectations of $246.77 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. Analysts forecast that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 15th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. Macerich’s dividend payout ratio is -42.77%.

Wall Street Analysts Forecast Growth

MAC has been the topic of several research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a report on Wednesday, October 8th. Bank of America upgraded Macerich from a “neutral” rating to a “buy” rating and raised their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 26th. Evercore ISI lifted their price objective on Macerich from $18.00 to $20.00 and gave the stock an “in-line” rating in a report on Monday, September 15th. JPMorgan Chase & Co. increased their target price on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a report on Wednesday, August 27th. Finally, Scotiabank raised their target price on Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 13th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.95.

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.