Federated Hermes Inc. Sells 340,523 Shares of Macerich Company (The) (NYSE:MAC)

Key Points

• Federated Hermes Inc. has significantly reduced its stake in Macerich Company by 45.9%, owning 401,281 shares after selling 340,523 shares in the first quarter.
• Despite the recent decrease in ownership by Federated Hermes, other institutional investors are increasing their holdings in Macerich, with CIBC Private Wealth Group LLC growing its position by 9.7% in the fourth quarter.
• Macerich recently announced a quarterly dividend of $0.17, representing a 4.2% dividend yield, despite having a negative payout ratio.

Federated Hermes Inc. lessened its position in Macerich Company (The) (NYSE:MAC - Free Report) by 45.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 401,281 shares of the real estate investment trust's stock after selling 340,523 shares during the period. Federated Hermes Inc. owned approximately 0.16% of Macerich worth $6,890,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Macerich in the fourth quarter valued at approximately $450,000. Norges Bank bought a new stake in Macerich during the fourth quarter worth $4,876,000. Pictet Asset Management Holding SA raised its stake in shares of Macerich by 10.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 74,792 shares of the real estate investment trust's stock valued at $1,490,000 after buying an additional 6,808 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Macerich by 9.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock valued at $118,000 after buying an additional 512 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Macerich by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 6,001,399 shares of the real estate investment trust's stock valued at $119,573,000 after buying an additional 574,490 shares during the period. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Stock Performance

Shares of NYSE MAC traded up $0.37 during mid-day trading on Monday, hitting $16.51. The company had a trading volume of 1,262,834 shares, compared to its average volume of 1,657,637. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. The stock's 50-day moving average price is $16.33 and its 200-day moving average price is $16.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of 9.96, a P/E/G ratio of 3.12 and a beta of 2.22.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. The business had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. During the same period in the previous year, the business earned $0.33 earnings per share. The firm's revenue was up 19.3% on a year-over-year basis. On average, sell-side analysts forecast that Macerich Company will post 1.55 earnings per share for the current year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, September 9th. Macerich's payout ratio is presently -158.14%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 target price on the stock in a research note on Thursday, May 22nd. Truist Financial boosted their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Scotiabank lowered their target price on Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen lowered Macerich from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and lowered their target price for the company from $22.00 to $18.00 in a research note on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus 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.