The Macerich Company (NYSE:MAC) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lessened its stake in The Macerich Company (NYSE:MAC - Free Report) by 26.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,407,595 shares of the real estate investment trust's stock after selling 862,150 shares during the period. Letko Brosseau & Associates Inc. owned approximately 0.97% of Macerich worth $47,959,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MAC. CIBC Private Wealth Group LLC lifted its stake in shares of Macerich by 9.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust's stock valued at $118,000 after buying an additional 512 shares in the last quarter. M&T Bank Corp grew its holdings in Macerich by 2.8% during the 4th quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust's stock valued at $403,000 after purchasing an additional 543 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in Macerich by 5.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust's stock valued at $244,000 after purchasing an additional 665 shares during the last quarter. Custom Index Systems LLC grew its holdings in Macerich by 8.7% during the 4th quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust's stock valued at $232,000 after purchasing an additional 928 shares during the last quarter. Finally, Townsquare Capital LLC grew its holdings in Macerich by 7.0% during the 4th quarter. Townsquare Capital LLC now owns 14,395 shares of the real estate investment trust's stock valued at $287,000 after purchasing an additional 947 shares during the last quarter. Institutional investors own 87.38% of the company's stock.

Analysts Set New Price Targets

MAC has been the topic of several analyst reports. Piper Sandler cut their price target on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a report on Friday, February 28th. Scotiabank cut their price target 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. JPMorgan Chase & Co. dropped their target price on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research note on Monday, March 10th. Morgan Stanley dropped their target price on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. Finally, Truist Financial upgraded shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 target price on the stock in a research note on Thursday, April 10th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Macerich presently has a consensus rating of "Hold" and an average target price of $18.95.

Macerich Stock Up 1.1%

NYSE:MAC traded up $0.18 during midday trading on Friday, reaching $16.05. 1,705,629 shares of the stock traded hands, compared to its average volume of 1,923,950. The business has a 50-day moving average of $15.53 and a two-hundred day moving average of $18.44. The stock has a market capitalization of $4.06 billion, a PE ratio of 41.16, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Macerich (NYSE:MAC - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business's quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company posted $0.33 earnings per share. On average, equities analysts forecast that The Macerich Company will post 1.55 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.24%. Macerich's payout ratio is currently -158.14%.

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.