Prudential Financial Inc. cut its stake in Macerich Co (NYSE:MAC) by 0.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,542,575 shares of the real estate investment trust’s stock after selling 8,487 shares during the period. Prudential Financial Inc. owned approximately 1.07% of Macerich worth $99,341,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of MAC. Pacer Advisors Inc. raised its position in shares of Macerich by 3.1% in the first quarter. Pacer Advisors Inc. now owns 2,571 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 77 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Macerich during the first quarter valued at approximately $167,000. Riverhead Capital Management LLC raised its position in shares of Macerich by 63.4% in the third quarter. Riverhead Capital Management LLC now owns 2,911 shares of the real estate investment trust’s stock valued at $235,000 after buying an additional 1,129 shares in the last quarter. Pacad Investment Ltd. raised its position in shares of Macerich by 1,700.0% in the fourth quarter. Pacad Investment Ltd. now owns 3,600 shares of the real estate investment trust’s stock valued at $255,000 after buying an additional 3,400 shares in the last quarter. Finally, Sawtooth Solutions LLC bought a new position in shares of Macerich during the first quarter valued at approximately $244,000. Hedge funds and other institutional investors own 93.27% of the company’s stock.
Macerich Co (NYSE:MAC) traded up 2.08% on Friday, hitting $59.35. 1,857,344 shares of the company were exchanged. Macerich Co has a 52-week low of $56.42 and a 52-week high of $94.51. The stock has a market cap of $8.41 billion, a PE ratio of 52.06 and a beta of 0.79. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $66.72.
Macerich (NYSE:MAC) last posted its earnings results on Thursday, April 27th. The real estate investment trust reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. Macerich had a net margin of 49.65% and a return on equity of 11.24%. The business had revenue of $219.90 million for the quarter, compared to analysts’ expectations of $222.65 million. During the same period in the previous year, the company posted $0.87 earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. On average, equities analysts expect that Macerich Co will post $0.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Friday, May 5th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, May 3rd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.88%. Macerich’s payout ratio is currently 83.04%.
A number of research firms have issued reports on MAC. Canaccord Genuity reduced their target price on shares of Macerich from $84.00 to $77.00 and set a “hold” rating on the stock in a report on Monday, January 23rd. Barclays PLC reduced their target price on shares of Macerich from $83.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, January 23rd. BTIG Research reiterated a “buy” rating and set a $82.00 target price on shares of Macerich in a report on Monday, April 3rd. KeyCorp reduced their target price on shares of Macerich from $80.00 to $75.00 and set an “overweight” rating on the stock in a report on Wednesday, March 22nd. Finally, Stifel Nicolaus reduced their target price on shares of Macerich from $76.00 to $74.00 and set a “hold” rating on the stock in a report on Tuesday, February 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Macerich presently has a consensus rating of “Hold” and a consensus target price of $75.07.
Macerich Company Profile
The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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