Macerich Company (The) $MAC Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in shares of Macerich Company (The) (NYSE:MAC) by 7.5% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,674,803 shares of the real estate investment trust’s stock after selling 378,868 shares during the period. Wellington Management Group LLP owned approximately 1.65% of Macerich worth $117,758,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Macerich during the second quarter valued at approximately $1,378,836,000. Deutsche Bank AG purchased a new position in shares of Macerich in the second quarter valued at $138,928,000. Bamco Inc. NY acquired a new stake in Macerich during the 2nd quarter valued at $125,944,000. Centersquare Investment Management LLC increased its stake in Macerich by 149.6% during the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock worth $117,307,000 after buying an additional 3,808,336 shares during the period. Finally, Norges Bank acquired a new position in Macerich in the 4th quarter worth $66,924,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Stock Performance

Macerich stock opened at $23.52 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. Macerich Company has a 12 month low of $16.03 and a 12 month high of $26.67. The company has a fifty day moving average price of $25.04 and a two-hundred day moving average price of $22.49. The company has a market cap of $6.67 billion, a PE ratio of -36.18, a P/E/G ratio of 1.70 and a beta of 2.06.

Macerich (NYSE:MAC) last issued its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The business had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same period last year, the company posted $0.33 earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. Research analysts expect that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, September 14th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. Macerich’s dividend payout ratio (DPR) is currently -104.62%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MAC. Griffin Securities set a $26.00 target price on Macerich in a research note on Tuesday, August 18th. JPMorgan Chase & Co. raised Macerich from an “underweight” rating to a “neutral” rating and increased their price target for the company from $23.00 to $25.00 in a report on Wednesday, June 17th. Evercore set a $25.00 price objective on Macerich in a research note on Thursday, August 6th. Truist Financial lifted their price objective on Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, Piper Sandler raised Macerich from a “neutral” rating to an “overweight” rating and upped their target price for the company from $28.00 to $30.00 in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.00.

About Macerich

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.