Algert Global LLC Has $2.74 Million Stock Holdings 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 lessened its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 15.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 approximately 0.06% of Macerich worth $2,742,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Lazard Asset Management LLC acquired a new position in shares of Macerich during the 4th quarter worth $45,000. State of Wyoming acquired a new stake in Macerich in the 4th quarter valued at about $55,000. Signaturefd LLC grew its stake in Macerich by 34.9% in the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock valued at $57,000 after acquiring an additional 862 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in Macerich in the 4th quarter valued at about $83,000. Finally, GF Fund Management CO. LTD. acquired a new stake in Macerich in the 4th quarter valued at about $90,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Analyst Ratings Changes

MAC has been the topic of several recent research reports. Wall Street Zen downgraded Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. LADENBURG THALM/SH SH initiated coverage on Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 price target for the company. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and dropped their price target for the stock from $22.00 to $18.00 in a research note on Tuesday, June 10th. Piper Sandler upgraded 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, Truist Financial increased their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $19.26.

Macerich Price Performance

Shares of MAC stock traded down $0.0370 during mid-day trading on Monday, hitting $18.0830. 712,041 shares of the stock traded hands, compared to its average volume of 1,983,089. Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -10.33, a price-to-earnings-growth ratio of 3.49 and a beta of 2.22. The company's 50-day simple moving average is $16.70 and its 200-day simple moving average is $16.58. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.76 and a current ratio of 0.76.

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

Macerich Dividend Announcement

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 issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date 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.