Northwestern Mutual Investment Management Company LLC cut its stake in The Macerich Co. (NYSE:MAC) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 4,819 shares of the real estate investment trust’s stock after selling 23 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in The Macerich were worth $411,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MAC. Goldman Sachs Group Inc. raised its stake in shares of The Macerich by 79.2% in the first quarter. Goldman Sachs Group Inc. now owns 2,405,634 shares of the real estate investment trust’s stock worth $190,623,000 after buying an additional 1,062,848 shares during the last quarter. BlackRock Fund Advisors increased its position in The Macerich by 22.3% in the second quarter. BlackRock Fund Advisors now owns 4,809,198 shares of the real estate investment trust’s stock worth $410,657,000 after buying an additional 877,068 shares during the period. Bank of New York Mellon Corp increased its position in The Macerich by 28.9% in the second quarter. Bank of New York Mellon Corp now owns 3,167,891 shares of the real estate investment trust’s stock worth $270,504,000 after buying an additional 711,058 shares during the period. Renaissance Technologies LLC increased its position in The Macerich by 131.0% in the first quarter. Renaissance Technologies LLC now owns 1,153,819 shares of the real estate investment trust’s stock worth $91,429,000 after buying an additional 654,300 shares during the period. Finally, JPMorgan Chase & Co. increased its position in The Macerich by 13.4% in the first quarter. JPMorgan Chase & Co. now owns 3,478,909 shares of the real estate investment trust’s stock worth $275,668,000 after buying an additional 411,912 shares during the period. Hedge funds and other institutional investors own 94.66% of the company’s stock.

Shares of The Macerich Co. (NYSE:MAC) opened at 80.28 on Wednesday. The Macerich Co. has a 52 week low of $71.82 and a 52 week high of $94.51. The firm has a market capitalization of $11.53 billion, a PE ratio of 13.49 and a beta of 0.98. The firm’s 50-day moving average is $82.87 and its 200 day moving average is $81.08.

The Macerich (NYSE:MAC) last issued its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The business had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $252.32 million. The Macerich had a net margin of 78.65% and a return on equity of 17.91%. The business’s quarterly revenue was down 19.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. On average, equities analysts forecast that The Macerich Co. will post $4.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Stockholders of record on Friday, August 19th were given a dividend of $0.68 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $2.72 annualized dividend and a dividend yield of 3.39%. The Macerich’s dividend payout ratio is presently 45.87%.

A number of research firms have commented on MAC. Credit Suisse Group AG reissued a “sell” rating and set a $78.00 target price on shares of The Macerich in a research report on Tuesday, August 2nd. Deutsche Bank AG raised their target price on shares of The Macerich from $83.00 to $84.00 and gave the company a “hold” rating in a research report on Monday, July 18th. JPMorgan Chase & Co. raised their target price on shares of The Macerich from $83.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. Zacks Investment Research downgraded shares of The Macerich from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. Finally, Canaccord Genuity raised their target price on shares of The Macerich from $80.00 to $84.00 and gave the company a “hold” rating in a research report on Tuesday, August 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the stock. The Macerich currently has an average rating of “Hold” and an average price target of $87.73.

In other news, EVP Robert D. Perlmutter sold 1,500 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $89.79, for a total transaction of $134,685.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.54% of the company’s stock.

About The Macerich

The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.

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