Macerich Company (The) $MAC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in Macerich Company (The) (NYSE:MAC) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,143,722 shares of the real estate investment trust’s stock after selling 41,945 shares during the period. Bank of New York Mellon Corp owned 0.82% of Macerich worth $40,516,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MAC. Farther Finance Advisors LLC increased its position in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 585 shares in the last quarter. Global Retirement Partners LLC increased its position in Macerich by 366.2% during the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. raised its stake in Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 684 shares during the last quarter. Triumph Capital Management acquired a new position in Macerich in the 3rd quarter valued at about $33,000. Finally, Salomon & Ludwin LLC lifted its holdings in Macerich by 156.6% in the 4th quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 1,336 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Performance

NYSE:MAC opened at $25.82 on Friday. The company has a market cap of $7.32 billion, a P/E ratio of -36.36, a P/E/G ratio of 1.82 and a beta of 2.06. The firm’s 50 day moving average is $24.21 and its two-hundred day moving average is $21.30. Macerich Company has a fifty-two week low of $15.94 and a fifty-two week high of $26.23. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. The company had revenue of $241.54 million during the quarter, compared to analysts’ expectations of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 EPS. Analysts expect that Macerich Company will post 1.49 EPS for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a dividend of $0.17 per share. The ex-dividend date was Monday, June 15th. This represents a $0.68 annualized dividend and a yield of 2.6%. Macerich’s dividend payout ratio is currently -95.77%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MAC. JPMorgan Chase & Co. raised shares of Macerich from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $23.00 to $25.00 in a research report on Wednesday, June 17th. Piper Sandler raised their target price on shares of Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday. Truist Financial lifted their target price on shares of Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Citigroup upgraded Macerich from a “neutral” rating to a “buy” rating and boosted their price target for the company from $24.00 to $28.00 in a report on Tuesday, June 23rd. Finally, Weiss Ratings raised Macerich from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.33.

Macerich Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.