Macerich Company (The) $MAC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Macerich Company (The) (NYSE:MAC) by 1.9% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,143,722 shares of the real estate investment trust’s stock after selling 41,945 shares during the period. Bank of New York Mellon Corp’s holdings in Macerich were worth $40,516,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MAC. Fifth Third Bancorp raised its stake in shares of Macerich by 14.7% in the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 471 shares during the period. HighTower Advisors LLC boosted its position in Macerich by 1.2% during the 4th quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock worth $851,000 after purchasing an additional 530 shares during the period. Farther Finance Advisors LLC increased its holdings in Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 585 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Macerich by 2.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 622 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in Macerich by 5.5% in the fourth quarter. Osaic Holdings Inc. now owns 12,116 shares of the real estate investment trust’s stock valued at $224,000 after purchasing an additional 637 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MAC. Mizuho upped their target price on Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Citigroup raised shares of Macerich from a “neutral” rating to a “buy” rating and raised their price target for the company from $24.00 to $28.00 in a report on Tuesday, June 23rd. Compass Point restated a “neutral” rating and set a $26.00 target price (up from $23.00) on shares of Macerich in a research note on Friday, June 26th. KeyCorp lifted their target price on Macerich from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen upgraded Macerich from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.33.

Macerich Stock Up 2.0%

Shares of Macerich stock opened at $25.82 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. The firm has a market cap of $7.32 billion, a P/E ratio of -36.36, a P/E/G ratio of 1.82 and a beta of 2.06. Macerich Company has a fifty-two week low of $15.94 and a fifty-two week high of $26.23. The business has a 50-day moving average price of $24.21 and a 200 day moving average price of $21.30.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The firm had revenue of $241.54 million for the quarter, compared to analysts’ expectations of $233.06 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. Macerich’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, June 15th. Macerich’s dividend payout ratio is currently -95.77%.

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.