BlackRock Inc. cut its position in shares of Macerich Co (NYSE:MAC) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,568,025 shares of the real estate investment trust’s stock after selling 212,341 shares during the quarter. BlackRock Inc. owned approximately 8.19% of Macerich worth $501,473,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of MAC. Liberty Wealth Management LLC acquired a new position in Macerich during the fourth quarter worth approximately $39,000. CSat Investment Advisory L.P. grew its holdings in Macerich by 63.1% during the 4th quarter. CSat Investment Advisory L.P. now owns 1,024 shares of the real estate investment trust’s stock valued at $44,000 after purchasing an additional 396 shares in the last quarter. Pearl River Capital LLC acquired a new stake in Macerich during the 1st quarter valued at $62,000. Proffitt & Goodson Inc. acquired a new stake in Macerich during the 1st quarter valued at $93,000. Finally, Ffcm LLC grew its holdings in Macerich by 174.7% during the 4th quarter. Ffcm LLC now owns 2,266 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 1,441 shares in the last quarter. Institutional investors and hedge funds own 97.60% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Citigroup lowered their price target on shares of Macerich from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday. Morgan Stanley lowered their price target on shares of Macerich from $180.00 to $170.00 and set an “underweight” rating for the company in a report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. Macerich has a consensus rating of “Hold” and an average price target of $61.08.
Macerich (NYSE:MAC) last posted its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.76). Macerich had a return on equity of 3.75% and a net margin of 10.67%. The business had revenue of $216.34 million during the quarter, compared to the consensus estimate of $206.88 million. During the same quarter in the previous year, the business posted $0.82 earnings per share. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. Analysts expect that Macerich Co will post 3.56 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 8th were issued a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, May 7th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 8.96%. Macerich’s dividend payout ratio (DPR) is presently 77.92%.
In other news, CEO Hern Thomas E. O acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were acquired at an average price of $40.99 per share, with a total value of $409,900.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Andrea M. Stephen bought 20,000 shares of the stock in a transaction on Tuesday, June 11th. The shares were bought at an average cost of $35.02 per share, for a total transaction of $700,400.00. Following the purchase, the director now owns 16,580 shares in the company, valued at approximately $580,631.60. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 75,500 shares of company stock worth $2,729,045. Corporate insiders own 1.73% of the company’s stock.
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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