Allianz Asset Management GmbH Sells 339,610 Shares of Macerich Company (The) $MAC

Key Points

• Allianz Asset Management GmbH has reduced its stake in Macerich Company by 50.4%, resulting in ownership of only 334,700 shares valued at approximately $5.4 million.
• Several institutional investors have increased their positions in Macerich, with T. Rowe Price growing its stake by 40.1% during the first quarter, now holding over 6.1 million shares.
• Macerich reported $0.32 earnings per share for the latest quarter, missing analysts' estimates, and announced a dividend of $0.17 per share with an annualized yield of 3.8%.

Allianz Asset Management GmbH decreased its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 50.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 334,700 shares of the real estate investment trust's stock after selling 339,610 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.13% of Macerich worth $5,415,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its stake in shares of Macerich by 40.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock valued at $105,258,000 after acquiring an additional 1,754,466 shares during the period. Northern Trust Corp lifted its holdings in Macerich by 3.6% during the first quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after purchasing an additional 151,295 shares in the last quarter. PGGM Investments boosted its position in shares of Macerich by 15.9% in the second quarter. PGGM Investments now owns 4,022,858 shares of the real estate investment trust's stock worth $65,090,000 after purchasing an additional 552,194 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Macerich by 4.6% in the first quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust's stock worth $58,943,000 after purchasing an additional 152,221 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its position in shares of Macerich by 3.3% during the 1st quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock valued at $35,749,000 after purchasing an additional 66,648 shares during the period. Institutional investors own 87.38% of the company's stock.

Macerich Price Performance

NYSE:MAC opened at $17.83 on Thursday. The business's 50-day moving average is $17.69 and its 200 day moving average is $16.45. Macerich Company has a 12 month low of $12.48 and a 12 month high of $22.27. The company has a market capitalization of $4.51 billion, a P/E ratio of -10.19, a P/E/G ratio of 3.06 and a beta of 2.23. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $249.79 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $0.39 EPS. On average, equities research analysts forecast that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 3.8%. Macerich's dividend payout ratio is presently -38.86%.

Analyst Ratings Changes

MAC has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Scotiabank boosted their price objective on Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. increased their target price on Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 27th. Bank of America raised Macerich from a "neutral" rating to a "buy" rating and lifted their target price for the company from $19.00 to $23.00 in a research note on Friday, September 26th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Macerich in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $20.11.

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.

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