Bank of America Corp DE Has $9.99 Million Stock Holdings in The Macerich Company (NYSE:MAC)

Bank of America Corp DE decreased its stake in shares of The Macerich Company (NYSE:MAC - Free Report) by 55.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 about 0.20% of Macerich worth $9,988,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MAC shares. Truist Financial raised shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. lowered their target price on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a report on Monday, March 10th. The Goldman Sachs Group dropped their price target on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research report on Monday, March 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 report on Thursday. 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 note on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $18.95.

Macerich Price Performance

MAC stock traded up $0.49 during trading hours on Tuesday, hitting $15.38. 1,866,277 shares of the stock traded hands, compared to its average volume of 1,925,367. The stock has a 50-day simple moving average of $15.35 and a 200 day simple moving average of $18.29. The company has a market cap of $3.89 billion, a P/E ratio of 39.44, 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 for the quarter, beating the consensus estimate of $0.31 by $0.02. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $249.22 million during the quarter, compared to analyst estimates of $221.61 million. During the same quarter last year, the firm posted $0.33 EPS. The business's revenue for the quarter was up 19.3% on a year-over-year basis. Equities analysts forecast that The Macerich Company will post 1.55 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $0.68 annualized dividend and a yield of 4.42%. Macerich's dividend payout ratio (DPR) is -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.