Verition Fund Management LLC cut its holdings in shares of The Macerich Company (NYSE:MAC - Free Report) by 53.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,038 shares of the real estate investment trust's stock after selling 27,487 shares during the quarter. Verition Fund Management LLC's holdings in Macerich were worth $438,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Louisiana State Employees Retirement System increased its position in Macerich by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 108,500 shares of the real estate investment trust's stock worth $1,675,000 after purchasing an additional 1,500 shares during the period. Bailard Inc. acquired a new position in Macerich in the 2nd quarter valued at $468,000. Leisure Capital Management bought a new position in Macerich in the second quarter valued at approximately $571,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Macerich by 1.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 96,018 shares of the real estate investment trust's stock worth $1,483,000 after acquiring an additional 1,798 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Macerich by 6.9% during the 2nd quarter. Van ECK Associates Corp now owns 33,149 shares of the real estate investment trust's stock worth $512,000 after acquiring an additional 2,147 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. StockNews.com downgraded Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a report on Thursday, September 19th. Compass Point raised their target price on Macerich from $20.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Evercore ISI upped their price target on shares of Macerich from $15.00 to $16.00 and gave the company an "in-line" rating in a research note on Wednesday, August 28th. Finally, Bank of America raised their target price on Macerich from $17.00 to $19.00 and gave the stock a "neutral" rating in a research note on Friday, October 11th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Macerich presently has an average rating of "Hold" and a consensus price target of $17.62.
Read Our Latest Research Report on MAC
Macerich Stock Performance
Shares of MAC traded up $0.50 during midday trading on Friday, reaching $21.50. 1,124,462 shares of the stock were exchanged, compared to its average volume of 1,863,765. The Macerich Company has a twelve month low of $12.99 and a twelve month high of $22.27. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 55.12, a PEG ratio of 0.74 and a beta of 2.51. The business's 50-day moving average price is $19.52 and its 200 day moving average price is $16.97. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.
Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to analysts' expectations of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 EPS. On average, sell-side analysts expect that The Macerich Company will post 1.56 EPS for the current fiscal year.
Macerich Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.16%. The ex-dividend date was Tuesday, November 12th. Macerich's payout ratio is currently 174.36%.
Macerich Company Profile
(
Free Report)
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.
Read More
Before you consider Macerich, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Macerich wasn't on the list.
While Macerich currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
