Wellington Management Group LLP Cuts Stock Position in The Macerich Company (NYSE:MAC)

Wellington Management Group LLP trimmed its position in shares of The Macerich Company (NYSE:MAC) by 69.5% during the third quarter, Holdings Channel reports. The institutional investor owned 1,062,621 shares of the real estate investment trust’s stock after selling 2,421,824 shares during the quarter. Wellington Management Group LLP’s holdings in Macerich were worth $19,382,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its holdings in shares of Macerich by 1.4% in the second quarter. Louisiana State Employees Retirement System now owns 108,500 shares of the real estate investment trust’s stock valued at $1,675,000 after acquiring an additional 1,500 shares during the period. Bailard Inc. acquired a new position in shares of Macerich during the 2nd quarter valued at about $468,000. Leisure Capital Management acquired a new position in shares of Macerich during the 2nd quarter valued at about $571,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Macerich by 1.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 96,018 shares of the real estate investment trust’s stock valued at $1,483,000 after acquiring an additional 1,798 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Macerich by 6.9% during the 2nd quarter. Van ECK Associates Corp now owns 33,149 shares of the real estate investment trust’s stock valued at $512,000 after acquiring an additional 2,147 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MAC shares. The Goldman Sachs Group raised their target price on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Piper Sandler boosted their target price on shares of Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday. Compass Point lifted their price target on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Finally, Evercore ISI boosted their target price on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday, August 28th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.62.

Macerich Trading Up 2.4 %

Shares of MAC stock opened at $21.50 on Friday. The Macerich Company has a 52-week low of $12.99 and a 52-week high of $22.27. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 55.12, a P/E/G ratio of 0.74 and a beta of 2.51. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a fifty day moving average of $19.52 and a 200-day moving average of $16.97.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The firm had revenue of $220.20 million for the quarter, compared to analyst estimates of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 EPS. On average, equities research analysts forecast that The Macerich Company will post 1.56 earnings per share for the current fiscal year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Macerich Company 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.