Sonora Investment Management Group LLC Cuts Stock Position in Macerich Company (The) $MAC

Key Points

• Sonora Investment Management Group LLC reduced its stake in Macerich Company by 15.9%, holding 178,108 shares worth approximately $2.88 million after selling 33,760 shares in the 2nd quarter.
• Bank of America upgraded Macerich from a "neutral" to a "buy" rating, raising the price target from $19.00 to $23.00, with current consensus showing six buy ratings and a target price of $20.11.
• Macerich recently announced a quarterly dividend of $0.17 per share, indicating an annualized yield of 3.8% despite a negative net margin of 41.33%.

Sonora Investment Management Group LLC lessened its position in Macerich Company (The) (NYSE:MAC - Free Report) by 15.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 178,108 shares of the real estate investment trust's stock after selling 33,760 shares during the quarter. Sonora Investment Management Group LLC owned approximately 0.07% of Macerich worth $2,882,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. AQR Capital Management LLC boosted its position in shares of Macerich by 2.2% during the 1st quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust's stock worth $640,000 after acquiring an additional 813 shares in the last quarter. Assetmark Inc. boosted its position in shares of Macerich by 4.5% during the 1st quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust's stock worth $335,000 after acquiring an additional 839 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in shares of Macerich by 2.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 36,060 shares of the real estate investment trust's stock worth $619,000 after acquiring an additional 860 shares in the last quarter. Signaturefd LLC boosted its position in shares of Macerich by 34.9% during the 1st quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after acquiring an additional 862 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Macerich by 47.7% during the 2nd quarter. Fifth Third Bancorp now owns 3,011 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 972 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Bank of America raised Macerich from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $19.00 to $23.00 in a research report on Friday. Scotiabank upped their price objective on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. upped their target price on Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a research report on Wednesday, August 27th. Wall Street Zen cut Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Truist Financial upped their target price on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Macerich presently has a consensus rating of "Hold" and a consensus target price of $20.11.

Macerich Stock Up 6.5%

MAC opened at $17.86 on Friday. The business has a 50 day moving average price of $17.56 and a two-hundred day moving average price of $16.39. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00. The company has a market cap of $4.51 billion, a PE ratio of -10.20, a P/E/G ratio of 3.46 and a beta of 2.27. Macerich Company has a 52 week low of $12.48 and a 52 week high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $249.79 million for the quarter, compared to analysts' expectations of $245.19 million. Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The firm's revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. As a group, research analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 9th. Macerich's dividend 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.

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