Algert Global LLC Raises Stock Position in The Macerich Company (NYSE:MAC)

Algert Global LLC grew its stake in The Macerich Company (NYSE:MAC) by 5.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 167,621 shares of the real estate investment trust’s stock after purchasing an additional 8,780 shares during the quarter. Algert Global LLC’s holdings in Macerich were worth $3,057,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smead Capital Management Inc. grew its stake in Macerich by 3.5% in the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after purchasing an additional 688,790 shares during the period. Sei Investments Co. bought a new stake in shares of Macerich during the 2nd quarter valued at $10,625,000. Millennium Management LLC grew its position in shares of Macerich by 153.0% in the 2nd quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock worth $12,227,000 after buying an additional 478,930 shares during the period. Candriam S.C.A. increased its stake in shares of Macerich by 138.2% in the 2nd quarter. Candriam S.C.A. now owns 528,252 shares of the real estate investment trust’s stock worth $8,156,000 after acquiring an additional 306,509 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Macerich in the 3rd quarter worth about $4,797,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on MAC. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Bank of America upped their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Compass Point lifted their price objective on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Evercore ISI increased their target price on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Finally, Piper Sandler raised their price target on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $16.40.

Macerich Price Performance

Shares of NYSE:MAC opened at $20.94 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 53.69, a price-to-earnings-growth ratio of 0.67 and a beta of 2.50. The business has a 50-day simple moving average of $18.46 and a two-hundred day simple moving average of $16.41. The Macerich Company has a fifty-two week low of $10.75 and a fifty-two week high of $21.40.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. During the same period in the previous year, the firm earned $0.44 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts expect that The Macerich Company will post 1.59 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a $0.17 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.25%. Macerich’s dividend payout ratio (DPR) is currently 174.36%.

Macerich Company Profile

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.