Macerich Company (The) $MAC Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has significantly reduced its stake in Macerich Company by 77.6%, selling 7,803,392 shares and now owning approximately 0.89% of the company.
• Macerich reported a quarterly earnings miss with an EPS of $0.32, below the estimated $0.34, although revenue increased by 15.9% year-over-year.
• The company declared a quarterly dividend of $0.17 per share, representing an annualized yield of 3.8%, with a negative payout ratio of -38.86%.

Wellington Management Group LLP reduced its position in Macerich Company (The) (NYSE:MAC - Free Report) by 77.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,247,894 shares of the real estate investment trust's stock after selling 7,803,392 shares during the quarter. Wellington Management Group LLP owned 0.89% of Macerich worth $38,596,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Assetmark Inc. raised its holdings in Macerich by 4.5% in the first quarter. Assetmark Inc. now owns 19,537 shares of the real estate investment trust's stock worth $335,000 after purchasing an additional 839 shares in the last quarter. Signaturefd LLC raised its holdings in Macerich by 34.9% in 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 in the last quarter. Gotham Asset Management LLC raised its holdings in Macerich by 8.4% in 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 in the last quarter. HighTower Advisors LLC raised its holdings in Macerich by 1.7% in the first quarter. HighTower Advisors LLC now owns 63,926 shares of the real estate investment trust's stock worth $1,098,000 after purchasing an additional 1,095 shares in the last quarter. Finally, Berkeley Capital Partners LLC raised its holdings in Macerich by 2.6% in the first quarter. Berkeley Capital Partners LLC now owns 66,067 shares of the real estate investment trust's stock worth $1,134,000 after purchasing an additional 1,666 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Trading Up 0.0%

Shares of MAC traded up $0.01 during midday trading on Thursday, reaching $18.41. The company had a trading volume of 507,176 shares, compared to its average volume of 1,979,344. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The stock has a market cap of $4.65 billion, a PE ratio of -10.51, a price-to-earnings-growth ratio of 3.52 and a beta of 2.22. The firm has a 50 day simple moving average of $16.83 and a 200-day simple moving average of $16.58. 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 (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 analysts' consensus estimates of $0.34 by ($0.02). Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company had revenue of $249.79 million during the quarter, compared to analyst estimates of $245.19 million. During the same period last year, the business earned $0.39 earnings per share. The firm's revenue was up 15.9% compared to the same quarter last year. Research analysts forecast that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich's dividend payout ratio (DPR) is presently -38.86%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and reduced their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. LADENBURG THALM/SH SH began coverage on shares of Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 price objective for the company. Piper Sandler upgraded Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price objective on the stock in a research report on Thursday, May 22nd. JPMorgan Chase & Co. upped their price objective on Macerich from $18.00 to $19.00 and gave the stock an "underweight" rating in a research report on Wednesday. Finally, 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. Five investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $19.78.

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.