First Eagle Investment Management LLC Cuts Holdings in Macerich Company (The) $MAC

First Eagle Investment Management LLC lessened its position in shares of Macerich Company (The) (NYSE:MAC) by 25.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,710 shares of the real estate investment trust’s stock after selling 57,800 shares during the quarter. First Eagle Investment Management LLC owned about 0.07% of Macerich worth $3,071,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in MAC. GAMMA Investing LLC increased its stake in 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 acquiring an additional 691 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Macerich by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock worth $100,000 after purchasing an additional 858 shares during the last quarter. Archer Investment Corp increased its position in shares of Macerich by 25.9% during the third quarter. Archer Investment Corp now owns 7,179 shares of the real estate investment trust’s stock worth $131,000 after acquiring an additional 1,479 shares during the period. 111 Capital purchased a new position in Macerich during the 3rd quarter worth $205,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Macerich during the second quarter valued at $191,000. 87.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MAC has been the topic of several research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Mizuho set a $21.00 price objective on shares of Macerich in a report on Friday, January 9th. KeyCorp set a $25.00 target price on Macerich and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Scotiabank raised their price target on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 13th. Finally, Truist Financial boosted their price objective on Macerich from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Macerich has an average rating of “Hold” and a consensus target price of $20.46.

Macerich Trading Up 2.0%

Shares of MAC stock opened at $20.29 on Thursday. The firm has a market capitalization of $5.21 billion, a P/E ratio of -26.35, a PEG ratio of 1.36 and a beta of 2.17. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $20.93. The stock’s fifty day moving average is $18.95 and its two-hundred day moving average is $18.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 1.02 and a current ratio of 1.02.

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

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.68 annualized dividend and a dividend yield of 3.4%. Macerich’s payout ratio is presently -88.31%.

About Macerich

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.