Asset Management One Co. Ltd. Trims Stake in Macerich Co (MAC)
Asset Management One Co. Ltd. cut its position in Macerich Co (NYSE:MAC) by 5.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 432,297 shares of the real estate investment trust’s stock after selling 25,190 shares during the period. Asset Management One Co. Ltd. owned 0.31% of Macerich worth $23,830,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of MAC. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Macerich by 33.7% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 35,862 shares of the real estate investment trust’s stock valued at $2,082,000 after purchasing an additional 9,044 shares during the last quarter. Amica Mutual Insurance Co. purchased a new position in shares of Macerich in the 3rd quarter worth approximately $310,000. Apollo Management Holdings L.P. purchased a new position in shares of Macerich in the 2nd quarter worth approximately $3,039,000. Korea Investment CORP boosted its stake in shares of Macerich by 11.3% in the 3rd quarter. Korea Investment CORP now owns 40,400 shares of the real estate investment trust’s stock worth $2,221,000 after buying an additional 4,100 shares during the last quarter. Finally, TCW Group Inc. boosted its stake in shares of Macerich by 19.8% in the 3rd quarter. TCW Group Inc. now owns 286,032 shares of the real estate investment trust’s stock worth $15,723,000 after buying an additional 47,216 shares during the last quarter. Institutional investors own 97.79% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Evercore ISI downgraded Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 target price on the stock. in a research note on Monday. Mizuho reaffirmed a “hold” rating and issued a $60.00 price target on shares of Macerich in a report on Friday, November 10th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $66.00 price target on shares of Macerich in a report on Thursday, November 2nd. Boenning Scattergood set a $75.00 price target on shares of Macerich and gave the stock a “buy” rating in a report on Wednesday, November 1st. Finally, BMO Capital Markets set a $55.00 price target on shares of Macerich and gave the stock a “hold” rating in a report on Monday, October 30th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $66.50.
Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, October 30th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.86). The firm had revenue of $242.50 million during the quarter, compared to the consensus estimate of $226.00 million. Macerich had a return on equity of 3.56% and a net margin of 14.92%. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. analysts forecast that Macerich Co will post 3.95 EPS for the current fiscal 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. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $2.96 annualized dividend and a dividend yield of 4.68%. This is a boost from Macerich’s previous quarterly dividend of $0.71. 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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