Macerich Co (MAC) Stake Lessened by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. lowered its stake in shares of Macerich Co (NYSE:MAC) by 3.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,312 shares of the real estate investment trust’s stock after selling 2,379 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.05% of Macerich worth $4,248,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in Macerich by 7.9% during the second quarter. Pacer Advisors Inc. now owns 2,774 shares of the real estate investment trust’s stock valued at $161,000 after buying an additional 203 shares during the period. Meeder Asset Management Inc. bought a new position in Macerich during the third quarter valued at about $216,000. Sun Life Financial INC grew its position in Macerich by 1,864.0% during the second quarter. Sun Life Financial INC now owns 3,928 shares of the real estate investment trust’s stock valued at $228,000 after buying an additional 3,728 shares during the period. Amica Pension Fund Board of Trustees bought a new position in Macerich during the third quarter valued at about $229,000. Finally, Riverhead Capital Management LLC grew its position in Macerich by 11.8% during the second quarter. Riverhead Capital Management LLC now owns 4,111 shares of the real estate investment trust’s stock valued at $239,000 after buying an additional 435 shares during the period. Institutional investors own 97.79% of the company’s stock.
MAC has been the subject of a number of research reports. KeyCorp reiterated a “buy” rating and set a $75.00 target price on shares of Macerich in a research report on Monday, August 28th. Royal Bank of Canada reiterated a “buy” rating and set a $66.00 target price on shares of Macerich in a research report on Thursday, November 2nd. Boenning Scattergood set a $75.00 target price on shares of Macerich and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Mizuho reiterated a “hold” rating and set a $60.00 target price on shares of Macerich in a research report on Friday, November 10th. Finally, BMO Capital Markets set a $55.00 target price on shares of Macerich and gave the stock a “hold” rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. Macerich presently has a consensus rating of “Hold” and an average price target of $66.50.
Shares of Macerich Co (NYSE:MAC) opened at $65.48 on Friday. Macerich Co has a fifty-two week low of $52.12 and a fifty-two week high of $73.34. The stock has a market cap of $9,217.82, a PE ratio of 16.45, a PEG ratio of 3.07 and a beta of 0.88. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.85 and a quick ratio of 0.85.
Macerich (NYSE:MAC) last announced its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.86). Macerich had a return on equity of 3.56% and a net margin of 14.92%. The firm had revenue of $242.50 million during the quarter, compared to analysts’ expectations of $226.00 million. During the same period in the previous year, the company posted $1.04 earnings per share. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. research analysts predict that Macerich Co will post 3.95 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 10th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 4.52%. This is an increase from Macerich’s previous quarterly dividend of $0.71. The ex-dividend date was Thursday, November 9th. Macerich’s dividend payout ratio is presently 281.91%.
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The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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