Algert Global LLC Trims Stake in Macerich Company (The) $MAC

Key Points

• Algert Global LLC reduced its stake in Macerich Company by 15.6%, selling 29,430 shares and holding approximately 0.06% of the company valued at $2.74 million.
• Macerich's most recent earnings showed a missed consensus EPS estimate of $0.34, reporting $0.32 EPS, while quarterly revenue increased by 15.9% year-over-year.
• The company declared a $0.17 quarterly dividend, reflecting a 4.0% yield, with the ex-dividend date set for September 9th.

Algert Global LLC trimmed its stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 15.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 159,724 shares of the real estate investment trust's stock after selling 29,430 shares during the period. Algert Global LLC owned about 0.06% of Macerich worth $2,742,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wells Fargo & Company MN grew its holdings in Macerich by 29.6% in the fourth quarter. Wells Fargo & Company MN now owns 176,861 shares of the real estate investment trust's stock valued at $3,523,000 after purchasing an additional 40,357 shares during the period. Invesco Ltd. grew its holdings in Macerich by 8.6% in the fourth quarter. Invesco Ltd. now owns 529,367 shares of the real estate investment trust's stock valued at $10,545,000 after purchasing an additional 41,712 shares during the period. Raymond James Financial Inc. acquired a new stake in Macerich in the fourth quarter valued at approximately $450,000. First Trust Advisors LP grew its holdings in Macerich by 11.2% in the fourth quarter. First Trust Advisors LP now owns 182,221 shares of the real estate investment trust's stock valued at $3,630,000 after purchasing an additional 18,332 shares during the period. Finally, Norinchukin Bank The acquired a new stake in Macerich in the fourth quarter valued at approximately $216,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on MAC shares. Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and dropped their price objective for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research note on Thursday, May 22nd. Wall Street Zen lowered Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Truist Financial lifted their price target on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, LADENBURG THALM/SH SH assumed coverage on Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $19.26.

Macerich Trading Up 1.1%

Macerich stock traded up $0.20 during trading on Tuesday, reaching $18.24. 2,020,553 shares of the company were exchanged, compared to its average volume of 1,862,034. Macerich Company has a 52-week low of $12.48 and a 52-week high of $22.27. The company has a market capitalization of $4.61 billion, a P/E ratio of -10.42, a PEG ratio of 3.48 and a beta of 2.22. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.76 and a quick ratio of 0.76. The stock's 50 day simple moving average is $16.78 and its two-hundred day simple moving average is $16.57.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. During the same quarter in the prior year, the firm earned $0.39 EPS. Macerich's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts expect 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. Investors of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's payout ratio is presently -38.86%.

About Macerich

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.