Letko Brosseau & Associates Inc. Sells 64,925 Shares of Macerich Company (The) $MAC

Letko Brosseau & Associates Inc. cut its position in shares of Macerich Company (The) (NYSE:MAC) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,776,245 shares of the real estate investment trust’s stock after selling 64,925 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Macerich were worth $39,717,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Macerich in the 2nd quarter worth approximately $1,378,836,000. Deutsche Bank AG purchased a new stake in Macerich in the second quarter worth approximately $138,928,000. Bamco Inc. NY purchased a new stake in Macerich in the second quarter worth approximately $125,944,000. Resolution Capital Ltd grew its position in Macerich by 204.0% during the first quarter. Resolution Capital Ltd now owns 4,384,180 shares of the real estate investment trust’s stock valued at $82,861,000 after acquiring an additional 2,941,909 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Macerich during the second quarter valued at approximately $81,946,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on MAC. BNP Paribas Exane started coverage on shares of Macerich in a research note on Friday, October 9th. They set an “outperform” rating and a $28.00 price target on the stock. Citigroup upped their price objective on shares of Macerich from $28.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Evercore assumed coverage on shares of Macerich in a research note on Thursday, November 5th. They issued a “strong-buy” rating for the company. JPMorgan Chase & Co. raised shares of Macerich from a “neutral” rating to an “overweight” rating and set a $26.00 target price on the stock in a report on Thursday, September 24th. Finally, Piper Sandler decreased their target price on shares of Macerich from $30.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.19.

Insider Transactions at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the transaction, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. The trade was a 76.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is currently owned by corporate insiders.

Macerich Trading Down 0.4%

Shares of MAC opened at $25.29 on Friday. The stock has a market capitalization of $7.17 billion, a P/E ratio of -68.35, a PEG ratio of 1.84 and a beta of 2.11. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.85. The firm has a fifty day simple moving average of $23.37 and a two-hundred day simple moving average of $22.51.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.42). The firm had revenue of $260.07 million during the quarter, compared to analysts’ expectations of $251.31 million. Macerich had a negative net margin of 9.76% and a negative return on equity of 3.68%. Macerich’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, research analysts anticipate that Macerich Company will post 1.48 EPS for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 28th. Investors of record on Monday, December 14th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, December 14th. Macerich’s payout ratio is currently -183.78%.

About Macerich

The Macerich Company is a real estate investment trust (REIT) that owns, operates, leases and redevelops shopping centers in major U.S. markets. Its properties are primarily regional malls and other retail destinations, with a significant presence in the western United States. Macerich’s business includes managing its properties and attracting a mix of retailers, restaurants, entertainment venues and service providers. The company also invests in property upgrades and redevelopment to adapt its centers to changing customer and tenant needs.