Citigroup Inc. Trims Stock Holdings in Macerich Company (The) $MAC

Citigroup Inc. lessened its holdings in shares of Macerich Company (The) (NYSE:MAC) by 15.5% in the third quarter, Holdings Channel.com reports. The firm owned 605,412 shares of the real estate investment trust’s stock after selling 111,011 shares during the period. Citigroup Inc.’s holdings in Macerich were worth $11,018,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Macerich by 14.8% during the third quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 691 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Macerich by 16.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after acquiring an additional 858 shares during the last quarter. Archer Investment Corp boosted its stake in Macerich by 25.9% during the 3rd quarter. Archer Investment Corp now owns 7,179 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 1,479 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Macerich during the 2nd quarter worth $191,000. Finally, Inspire Advisors LLC increased its position in shares of Macerich by 14.4% in the 2nd quarter. Inspire Advisors LLC now owns 11,858 shares of the real estate investment trust’s stock worth $192,000 after purchasing an additional 1,489 shares during the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Trading Down 1.2%

NYSE:MAC opened at $20.49 on Friday. The firm has a market capitalization of $5.26 billion, a P/E ratio of -26.61, a P/E/G ratio of 1.40 and a beta of 2.16. The business has a 50 day simple moving average of $18.87 and a 200 day simple moving average of $18.06. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.02 and a quick ratio of 1.03. Macerich Company has a 12-month low of $12.48 and a 12-month high of $20.93.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, February 18th. The real estate investment trust reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.50). Macerich had a negative return on equity of 7.32% and a negative net margin of 19.44%.The company had revenue of $261.70 million during the quarter, compared to analyst estimates of $260.48 million. During the same period in the prior year, the business earned $0.47 earnings per share. Macerich’s quarterly revenue was down 4.4% on a year-over-year basis. Equities research analysts predict that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, March 16th. Macerich’s payout ratio is presently -88.31%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MAC shares. KeyCorp set a $25.00 price target on shares of Macerich and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Jefferies Financial Group reiterated a “buy” rating and issued a $21.00 price target on shares of Macerich in a report on Monday, December 15th. Truist Financial raised their price objective on Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, Citigroup boosted their target price on shares of Macerich from $19.00 to $21.00 and gave the company a “neutral” rating in a research note on Wednesday. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Macerich currently has a consensus rating of “Hold” and an average price target of $20.26.

Macerich Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.