JPMorgan Chase & Co. Sells 651,474 Shares of The Macerich Company (NYSE:MAC)

JPMorgan Chase & Co. lowered its holdings in The Macerich Company (NYSE:MAC - Free Report) by 23.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,145,921 shares of the real estate investment trust's stock after selling 651,474 shares during the quarter. JPMorgan Chase & Co. owned 0.86% of Macerich worth $39,142,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in MAC. FMR LLC raised its holdings in Macerich by 12,475.9% in the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust's stock valued at $214,738,000 after acquiring an additional 11,679,276 shares in the last quarter. Bamco Inc. NY increased its position in shares of Macerich by 742.3% during the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust's stock valued at $30,924,000 after purchasing an additional 1,494,145 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Macerich by 399.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust's stock valued at $28,206,000 after purchasing an additional 1,236,983 shares in the last quarter. Smead Capital Management Inc. raised its stake in shares of 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 valued at $372,706,000 after purchasing an additional 688,790 shares in the last quarter. Finally, Sei Investments Co. bought a new position in Macerich in the second quarter worth $10,625,000. 87.38% of the stock is owned by institutional investors.

Macerich Price Performance

Shares of NYSE:MAC traded down $0.19 during midday trading on Monday, reaching $20.35. The company's stock had a trading volume of 1,441,347 shares, compared to its average volume of 1,327,482. The business's fifty day simple moving average is $20.14 and its 200-day simple moving average is $17.58. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The company has a market capitalization of $5.06 billion, a P/E ratio of 52.18, a P/E/G ratio of 0.75 and a beta of 2.51.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.90). Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company had revenue of $220.20 million during the quarter, compared to the consensus estimate of $208.54 million. During the same period in the prior year, the firm posted $0.44 earnings per share. The company's revenue was up .9% on a year-over-year basis. As a group, equities research analysts expect that The Macerich Company will post 1.56 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.34%. Macerich's dividend payout ratio is currently 174.36%.

Insider Buying and Selling at Macerich

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the business's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the transaction, the director now directly owns 83,479 shares of the company's stock, valued at approximately $1,718,832.61. The trade was a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MAC. Bank of America increased their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Friday, October 11th. Mizuho raised shares of Macerich from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $14.00 to $22.00 in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their price objective on Macerich from $13.00 to $14.60 and gave the company a "sell" rating in a report on Thursday, September 19th. StockNews.com cut Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Macerich in a research note on Tuesday, December 17th. They issued a "hold" rating and a $22.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $19.24.

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.