Aew Capital Management L P Decreases Holdings in Macerich Company (The) $MAC

Key Points

• Aew Capital Management L P reduced its stake in Macerich Company by 5.0%, holding approximately $35.41 million worth of shares as of the last reporting period.
• Several institutional investors, including T. Rowe Price Investment Management Inc. and Bamco Inc. NY, significantly increased their positions in Macerich during recent quarters.
• Analysts have issued mixed ratings for Macerich, with a current consensus rating of "Hold" and an average target price of $19.26.

Aew Capital Management L P decreased its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,062,206 shares of the real estate investment trust's stock after selling 107,800 shares during the period. Macerich accounts for about 1.7% of Aew Capital Management L P's holdings, making the stock its 18th biggest position. Aew Capital Management L P owned about 0.82% of Macerich worth $35,408,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MAC. Lazard Asset Management LLC bought a new stake in Macerich in the fourth quarter worth about $45,000. State of Wyoming purchased a new position in shares of Macerich in the fourth quarter worth about $55,000. Signaturefd LLC increased its stake in shares of Macerich by 34.9% in the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Macerich in the fourth quarter worth about $83,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Macerich in the fourth quarter worth about $90,000. Institutional investors own 87.38% of the company's stock.

Analysts Set New Price Targets

MAC has been the subject of several recent research reports. Scotiabank lifted their target price on shares of Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday. Truist Financial lifted their target price on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price for the company in a research note on Thursday, May 22nd. Finally, Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $19.78.

Macerich Price Performance

Macerich stock traded down $0.15 during mid-day trading on Thursday, hitting $18.25. 323,448 shares of the company traded hands, compared to its average volume of 1,978,221. Macerich Company has a one year low of $12.48 and a one year high of $22.27. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -10.43, a price-to-earnings-growth ratio of 3.52 and a beta of 2.22. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a fifty day moving average price of $16.83 and a 200-day moving average price of $16.58.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company had revenue of $249.79 million for the quarter, compared to the consensus estimate of $245.19 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities analysts predict that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 annualized dividend and a yield of 3.7%. Macerich's payout ratio is presently -38.86%.

Macerich Profile

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.