Smead Capital Management Inc. Cuts Position in Macerich Company (The) $MAC

Smead Capital Management Inc. lessened its holdings in Macerich Company (The) (NYSE:MAC) by 6.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,963,805 shares of the real estate investment trust’s stock after selling 968,119 shares during the quarter. Macerich accounts for approximately 5.3% of Smead Capital Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Smead Capital Management Inc. owned 0.05% of Macerich worth $257,772,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC raised its position in Macerich by 1.2% during the fourth quarter. HighTower Advisors LLC now owns 46,116 shares of the real estate investment trust’s stock worth $851,000 after acquiring an additional 530 shares in the last quarter. Farther Finance Advisors LLC raised its position in Macerich by 76.8% during the fourth quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 585 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Macerich by 2.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 24,659 shares of the real estate investment trust’s stock worth $455,000 after acquiring an additional 622 shares in the last quarter. Bessemer Group Inc. raised its position in Macerich by 1.7% during the third quarter. Bessemer Group Inc. now owns 37,217 shares of the real estate investment trust’s stock worth $678,000 after acquiring an additional 627 shares in the last quarter. Finally, Amalgamated Bank raised its position in Macerich by 1.0% during the third quarter. Amalgamated Bank now owns 72,575 shares of the real estate investment trust’s stock worth $1,321,000 after acquiring an additional 741 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Macerich from a “strong sell” rating to a “hold” rating in a research report on Saturday, May 9th. Scotiabank upped their price target on shares of Macerich from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley set a $20.00 price target on shares of Macerich in a research report on Tuesday, April 14th. Evercore set a $22.00 price target on shares of Macerich in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Macerich from $18.00 to $19.00 and gave the stock an “underweight” rating in a research report on Tuesday, March 10th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.17.

Macerich Price Performance

NYSE:MAC opened at $22.12 on Friday. Macerich Company has a one year low of $14.82 and a one year high of $22.56. The company has a market cap of $5.78 billion, a P/E ratio of -31.15, a P/E/G ratio of 1.51 and a beta of 2.12. The firm’s fifty day moving average price is $20.66 and its two-hundred day moving average price is $19.21. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.83.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating the consensus estimate of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The firm had revenue of $241.54 million for the quarter, compared to the consensus estimate of $233.06 million. During the same period in the previous year, the company earned $0.33 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts expect that Macerich Company will post 1.46 earnings per share for the current year.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, June 15th. Macerich’s payout ratio is currently -95.77%.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.