Smead Capital Management Inc. Boosts Stock Position in The Macerich Company (NYSE:MAC)

Smead Capital Management Inc. increased its position in The Macerich Company (NYSE:MAC - Free Report) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,433,449 shares of the real estate investment trust's stock after purchasing an additional 688,790 shares during the quarter. Macerich accounts for 5.3% of Smead Capital Management Inc.'s portfolio, making the stock its 7th largest position. Smead Capital Management Inc. owned 9.46% of Macerich worth $372,706,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MAC. DekaBank Deutsche Girozentrale increased its stake in Macerich by 158.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 131,487 shares of the real estate investment trust's stock worth $2,201,000 after buying an additional 80,541 shares during the period. Murphy Pohlad Asset Management LLC increased its position in shares of Macerich by 297.7% in the 2nd quarter. Murphy Pohlad Asset Management LLC now owns 110,560 shares of the real estate investment trust's stock worth $1,707,000 after purchasing an additional 82,760 shares during the last quarter. UniSuper Management Pty Ltd increased its position in shares of Macerich by 82.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 112,724 shares of the real estate investment trust's stock worth $1,942,000 after purchasing an additional 50,989 shares during the last quarter. Sei Investments Co. bought a new stake in shares of Macerich in the 2nd quarter worth about $10,625,000. Finally, Millennium Management LLC increased 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 purchasing an additional 478,930 shares during the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

Shares of Macerich stock traded up $0.26 on Tuesday, reaching $19.58. 794,240 shares of the company were exchanged, compared to its average volume of 1,767,139. 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 company's 50-day moving average is $18.18 and its two-hundred day moving average is $16.29. The firm has a market cap of $4.42 billion, a price-to-earnings ratio of 50.21, a P/E/G ratio of 0.66 and a beta of 2.50. The Macerich Company has a 1-year low of $10.75 and a 1-year high of $20.40.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS 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 business had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The firm's revenue was up .9% compared to the same quarter last year. As a group, research analysts expect that The Macerich Company will post 1.59 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.47%. The ex-dividend date is Tuesday, November 12th. Macerich's dividend payout ratio is currently 174.36%.

Wall Street Analysts Forecast Growth

MAC has been the subject of several research analyst reports. Compass Point boosted their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Bank of America boosted their target price on shares of Macerich from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Friday, October 11th. Evercore ISI lifted their price target on shares of Macerich from $15.00 to $16.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. The Goldman Sachs Group increased their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a research note on Thursday, September 19th. Finally, Piper Sandler upped their target price on Macerich from $11.00 to $14.00 and gave the company an "underweight" rating in a report on Tuesday, September 3rd. Five analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Macerich currently has a consensus rating of "Hold" and a consensus price target of $16.40.

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.