Wolverine Asset Management LLC lowered its position in The Macerich Company (NYSE:MAC - Free Report) by 48.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,859 shares of the real estate investment trust's stock after selling 56,827 shares during the period. Wolverine Asset Management LLC's holdings in Macerich were worth $1,092,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its stake in shares of Macerich by 47.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 33,768 shares of the real estate investment trust's stock worth $582,000 after purchasing an additional 10,790 shares during the period. Swiss National Bank increased its stake in shares of Macerich by 0.3% during the 1st quarter. Swiss National Bank now owns 425,415 shares of the real estate investment trust's stock worth $7,330,000 after purchasing an additional 1,200 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust's stock valued at $20,133,000 after purchasing an additional 1,108,770 shares during the last quarter. ProShare Advisors LLC increased its position in Macerich by 7.4% in the first quarter. ProShare Advisors LLC now owns 43,585 shares of the real estate investment trust's stock worth $751,000 after buying an additional 3,011 shares during the last quarter. Finally, Entropy Technologies LP bought a new stake in shares of Macerich in the first quarter valued at $194,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
MAC has been the topic of several recent research reports. The Goldman Sachs Group upped their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a "sell" rating in a report on Thursday, September 19th. StockNews.com downgraded shares of Macerich from a "hold" rating to a "sell" rating in a report on Thursday, November 7th. Compass Point increased 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. Piper Sandler increased their price objective on Macerich from $11.00 to $14.00 and gave the stock an "underweight" rating in a report on Tuesday, September 3rd. 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. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $16.40.
Read Our Latest Analysis on MAC
Macerich Price Performance
Shares of MAC traded down $0.24 during trading hours on Wednesday, reaching $19.14. 2,106,883 shares of the company's stock traded hands, compared to its average volume of 1,777,345. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm's 50 day simple moving average is $17.86 and its 200-day simple moving average is $16.13. The stock has a market cap of $4.32 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 0.66 and a beta of 2.50. The Macerich Company has a 12 month low of $10.61 and a 12 month high of $20.40.
Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results 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 during 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%. Macerich's quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Equities analysts expect that The Macerich Company will post 1.6 EPS for the current year.
Macerich Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.55%. Macerich's dividend payout ratio is presently 174.36%.
Macerich Profile
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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.
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