Charles Schwab Investment Management Inc. Cuts Stake in Macerich Company (The) (NYSE:MAC)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Macerich Company by 3.5%, holding just under 5 million shares valued at approximately $85.7 million.
• Macerich reported a quarterly earnings miss with EPS of $0.32, falling short of the expected $0.34, despite a revenue increase of 15.9% year-over-year.
• The company has recently announced a $0.17 quarterly dividend, which reflects a 3.9% dividend yield but a payout ratio of -158.14% due to losses.

Charles Schwab Investment Management Inc. decreased its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 3.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,991,969 shares of the real estate investment trust's stock after selling 179,331 shares during the period. Charles Schwab Investment Management Inc. owned about 1.98% of Macerich worth $85,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MAC. Assetmark Inc. boosted its stake in shares of Macerich by 4.5% during the first quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust's stock valued at $335,000 after purchasing an additional 839 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares during the last quarter. 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 last quarter. Gotham Asset Management LLC raised its holdings in shares of Macerich by 8.4% during the fourth quarter. Gotham Asset Management LLC now owns 12,830 shares of the real estate investment trust's stock worth $256,000 after purchasing an additional 997 shares during the last quarter. Finally, Berkeley Capital Partners LLC grew its position in Macerich by 2.6% during the first quarter. Berkeley Capital Partners LLC now owns 66,067 shares of the real estate investment trust's stock valued at $1,134,000 after buying an additional 1,666 shares during the period. Institutional investors own 87.38% of the company's stock.

Analyst Upgrades and Downgrades

MAC has been the topic of several analyst reports. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Piper Sandler raised shares of 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. Scotiabank decreased their price objective on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Finally, Truist Financial upped their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, June 9th. 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 company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $19.26.

Macerich Stock Performance

MAC stock traded down $0.20 on Friday, hitting $17.19. The company's stock had a trading volume of 1,672,873 shares, compared to its average volume of 1,921,349. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of -9.82, a price-to-earnings-growth ratio of 3.32 and a beta of 2.22. The company has a current ratio of 0.76, a quick ratio of 1.09 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 firm has a 50 day moving average of $16.58 and a two-hundred day moving average of $16.72.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). The business 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%. Macerich's revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. Equities analysts predict that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is currently -38.86%.

About Macerich

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.