The Macerich Company (NYSE:MAC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its position in shares of The Macerich Company (NYSE:MAC - Free Report) by 55.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 501,399 shares of the real estate investment trust's stock after selling 635,732 shares during the period. Bank of America Corp DE owned 0.20% of Macerich worth $9,988,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Macerich by 87.3% in the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust's stock valued at $439,192,000 after purchasing an additional 10,274,895 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust's stock valued at $200,222,000 after purchasing an additional 8,988,665 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Macerich by 13.2% in the fourth quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust's stock valued at $769,260,000 after purchasing an additional 4,503,509 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Macerich by 463.6% in the fourth quarter. Prudential Financial Inc. now owns 2,590,689 shares of the real estate investment trust's stock valued at $51,607,000 after purchasing an additional 2,131,030 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Macerich by 77.7% in the fourth quarter. JPMorgan Chase & Co. now owns 3,812,987 shares of the real estate investment trust's stock valued at $75,955,000 after purchasing an additional 1,667,066 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Piper Sandler upgraded shares of 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. Scotiabank decreased their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. decreased their price target on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research note 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 research note on Tuesday, April 1st. Finally, The Goldman Sachs Group decreased their price target on shares of Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research note on Monday, March 10th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $18.95.

Macerich Price Performance

MAC traded up $0.17 on Wednesday, hitting $15.57. 784,788 shares of the company's stock traded hands, compared to its average volume of 1,920,972. The company's 50 day simple moving average is $15.31 and its 200-day simple moving average is $18.27. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 40.09, a P/E/G ratio of 0.71 and a beta of 2.13. The Macerich Company has a one year low of $12.48 and a one year high of $22.27. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. During the same quarter in the previous year, the business earned $0.33 EPS. Macerich's revenue was up 19.3% compared to the same quarter last year. As a group, research analysts anticipate that The Macerich Company will post 1.55 EPS for the current year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich's dividend payout ratio is presently -158.14%.

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.