Bank of America Corp DE Decreases Stake in The Macerich Company (NYSE:MAC)

Bank of America Corp DE cut its stake in The Macerich Company (NYSE:MAC - Free Report) by 55.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 501,399 shares of the real estate investment trust's stock after selling 635,732 shares during the quarter. Bank of America Corp DE owned about 0.20% of Macerich worth $9,988,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MAC. CIBC Private Wealth Group LLC boosted its holdings in Macerich by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock valued at $118,000 after purchasing an additional 512 shares during the period. M&T Bank Corp raised its position in shares of Macerich by 2.8% in the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust's stock worth $403,000 after buying an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in Macerich by 5.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust's stock valued at $244,000 after buying an additional 665 shares during the period. Custom Index Systems LLC grew its position in Macerich by 8.7% during the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust's stock worth $232,000 after buying an additional 928 shares in the last quarter. Finally, Townsquare Capital LLC increased its stake in Macerich by 7.0% in the 4th quarter. Townsquare Capital LLC now owns 14,395 shares of the real estate investment trust's stock worth $287,000 after acquiring an additional 947 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Up 3.0%

Shares of Macerich stock traded up $0.48 during trading on Thursday, hitting $16.26. The company's stock had a trading volume of 2,955,858 shares, compared to its average volume of 1,932,583. The Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The company has a fifty day simple moving average of $15.25 and a two-hundred day simple moving average of $18.22. The company has a market capitalization of $4.11 billion, a PE ratio of 41.68, a P/E/G ratio of 0.71 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business's revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 earnings per share. Equities research analysts predict that The Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 4.18%. Macerich's payout ratio is presently -158.14%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MAC shares. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a research report on Thursday, May 22nd. JPMorgan Chase & Co. dropped their target price on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday, March 10th. Morgan Stanley decreased their price target on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. The Goldman Sachs Group reduced their target price on shares of Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a report on Monday, March 10th. Finally, Scotiabank lowered their price objective on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.95.

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.