Macerich Company (The) (NYSE:MAC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,121,640 shares of the real estate investment trust's stock after selling 41,347 shares during the period. Bank of New York Mellon Corp owned about 0.84% of Macerich worth $36,429,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MAC. Quantbot Technologies LP purchased a new position in Macerich during the 4th quarter valued at about $30,000. Lazard Asset Management LLC purchased a new position in Macerich during the 4th quarter valued at about $45,000. State of Wyoming purchased a new position in Macerich during the 4th quarter valued at about $55,000. Raiffeisen Bank International AG purchased a new position in shares of Macerich during the 4th quarter worth approximately $83,000. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Macerich during the 4th quarter worth approximately $90,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Trading Up 0.2%

Shares of Macerich stock traded up $0.04 on Friday, hitting $16.67. 595,871 shares of the company traded hands, compared to its average volume of 1,921,617. The stock's 50 day moving average price is $16.02 and its 200-day moving average price is $17.18. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27. The company has a market cap of $4.21 billion, a PE ratio of -38.75, a PEG ratio of 3.20 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The company had revenue of $249.22 million during the quarter, compared to the consensus estimate of $221.61 million. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. Macerich's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Equities research analysts predict that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.08%. Macerich's payout ratio is currently -158.14%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Truist Financial upped their target price on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, June 9th. LADENBURG THALM/SH SH assumed coverage on Macerich in a report on Friday. They set a "buy" rating and a $25.00 target price on the stock. Morgan Stanley reduced their target price on Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Finally, Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a report on Thursday, May 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $19.26.

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.