Macerich Company (The) $MAC Shares Sold by Smead Capital Management Inc.

Key Points

• Smead Capital Management Inc. reduced its holdings in Macerich Company by 8.7%, now owning approximately 18.21 million shares, making it the 4th largest holding in their portfolio.
• Analysts have varied views on Macerich, with five rating it as a Buy, five as a Hold, and two giving it a Sell rating, while the consensus target price is set at **$19.78**.
• Macerich reported a quarterly earnings miss, with earnings per share at $0.32 against an estimated $0.34, despite a revenue increase of 15.9% year-over-year.

Smead Capital Management Inc. lowered its stake in Macerich Company (The) (NYSE:MAC - Free Report) by 8.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,214,281 shares of the real estate investment trust's stock after selling 1,735,476 shares during the quarter. Macerich comprises about 5.4% of Smead Capital Management Inc.'s portfolio, making the stock its 4th biggest holding. Smead Capital Management Inc. owned about 7.21% of Macerich worth $312,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of Macerich by 40.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock worth $105,258,000 after buying an additional 1,754,466 shares during the period. Bamco Inc. NY boosted its holdings in Macerich by 175.8% during the 4th quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock valued at $93,135,000 after acquiring an additional 2,980,051 shares during the period. Northern Trust Corp grew its position in Macerich by 3.6% in the 1st quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after acquiring an additional 151,295 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Macerich by 4.6% during the first quarter. Ameriprise Financial Inc. now owns 3,432,879 shares of the real estate investment trust's stock worth $58,943,000 after purchasing an additional 152,221 shares during the period. Finally, Centersquare Investment Management LLC lifted its position in shares of Macerich by 3.3% during the first quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock worth $35,749,000 after purchasing an additional 66,648 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 27th. Wall Street Zen lowered Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Truist Financial lifted their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and cut their price target for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, LADENBURG THALM/SH SH started coverage on Macerich in a research note on Friday, July 18th. They issued a "buy" rating and a $25.00 price objective for the company. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Macerich currently has a consensus rating of "Hold" and a consensus target price of $19.78.

Macerich Stock Down 1.5%

Macerich stock traded down $0.27 during mid-day trading on Tuesday, hitting $18.13. The company had a trading volume of 686,440 shares, compared to its average volume of 1,968,506. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. The business has a fifty day moving average of $16.98 and a 200 day moving average of $16.48. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of -10.36, a PEG ratio of 3.55 and a beta of 2.27.

Macerich (NYSE:MAC - Get Free Report) last issued its earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $249.79 million during the quarter, compared to analyst estimates of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The company's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.39 EPS. On average, sell-side analysts expect that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. Macerich's payout ratio is -38.86%.

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.