Wellington Management Group LLP Cuts Stock Holdings in Macerich Company (The) $MAC

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 lessened its position in Macerich Company (The) (NYSE:MAC - Free Report) by 77.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the 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 period. Wellington Management Group LLP owned about 0.89% of Macerich worth $38,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp lifted its position in Macerich by 3.6% during the first quarter. Northern Trust Corp now owns 4,357,185 shares of the real estate investment trust's stock valued at $74,813,000 after purchasing an additional 151,295 shares during the period. Aberdeen Group plc lifted its position in Macerich by 9.8% during the first quarter. Aberdeen Group plc now owns 71,383 shares of the real estate investment trust's stock valued at $1,226,000 after purchasing an additional 6,392 shares during the period. Russell Investments Group Ltd. lifted its position in Macerich by 95.4% during the first quarter. Russell Investments Group Ltd. now owns 459,097 shares of the real estate investment trust's stock valued at $7,883,000 after purchasing an additional 224,095 shares during the period. Resona Asset Management Co. Ltd. lifted its position in Macerich by 10.0% during the first quarter. Resona Asset Management Co. Ltd. now owns 107,894 shares of the real estate investment trust's stock valued at $1,844,000 after purchasing an additional 9,795 shares during the period. Finally, HighTower Advisors LLC lifted its position in Macerich by 1.7% during the first quarter. HighTower Advisors LLC now owns 63,926 shares of the real estate investment trust's stock valued at $1,098,000 after purchasing an additional 1,095 shares during the period. Institutional investors own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of research reports. Mizuho raised shares of Macerich from a "neutral" rating to an "outperform" rating and reduced their target price for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Truist Financial upped their target price on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. upped their target price on shares of Macerich from $18.00 to $19.00 and gave the company an "underweight" rating in a report on Wednesday. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Macerich in a report on Friday, July 18th. They set a "buy" rating and a $25.00 target price for the company. Five 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $19.78.

Macerich Price Performance

MAC traded down $0.07 during trading on Friday, hitting $18.43. 1,060,829 shares of the company traded hands, compared to its average volume of 1,766,827. Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 2.00. The stock's 50-day simple moving average is $16.93 and its two-hundred day simple moving average is $16.55. The company has a market cap of $4.66 billion, a PE ratio of -10.53, a P/E/G ratio of 3.57 and a beta of 2.22.

Macerich (NYSE:MAC - Get Free Report) last released 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). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business had revenue of $249.79 million for the quarter, compared to the consensus estimate of $245.19 million. During the same quarter last year, the business earned $0.39 EPS. Macerich's revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.7%. 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.