Letko Brosseau & Associates Inc. Sells 749,275 Shares of Macerich Company (The) (NYSE:MAC)

Letko Brosseau & Associates Inc. lowered its position in Macerich Company (The) (NYSE:MAC - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,658,320 shares of the real estate investment trust's stock after selling 749,275 shares during the quarter. Letko Brosseau & Associates Inc. owned about 0.66% of Macerich worth $28,473,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in shares of Macerich in the fourth quarter worth about $30,000. Lazard Asset Management LLC purchased a new stake in Macerich during the fourth quarter valued at about $45,000. State of Wyoming bought a new stake in Macerich in the 4th quarter worth approximately $55,000. Signaturefd LLC lifted its position in Macerich by 34.9% in the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after buying an additional 862 shares during the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Macerich in the 4th quarter worth approximately $83,000. Hedge funds and other institutional investors own 87.38% of the company's stock.

Macerich Stock Performance

Shares of NYSE:MAC traded down $0.57 during midday trading on Friday, reaching $16.14. 2,150,855 shares of the company's stock traded hands, compared to its average volume of 2,013,536. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -37.53, a P/E/G ratio of 3.20 and a beta of 2.13. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.09 and a current ratio of 1.09. Macerich Company has a one year low of $12.48 and a one year high of $22.27. The stock has a 50 day moving average of $16.31 and a 200 day moving average of $16.98.

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

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 9th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 4.2%. Macerich's dividend payout ratio is currently -158.14%.

Analyst Ratings Changes

A number of equities analysts have commented on MAC shares. 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 target on the stock. Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research note on Thursday, May 22nd. Scotiabank reduced their price target 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. Truist Financial upped their price target on Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and dropped their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $19.26.

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.