Canada Pension Plan Investment Board Sells 147,700 Shares of Macerich Co (MAC)
Canada Pension Plan Investment Board lessened its stake in shares of Macerich Co (NYSE:MAC) by 46.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 167,903 shares of the real estate investment trust’s stock after selling 147,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.12% of Macerich worth $9,283,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its holdings in Macerich by 17.3% during the 2nd quarter. Toronto Dominion Bank now owns 69,502 shares of the real estate investment trust’s stock valued at $3,948,000 after buying an additional 10,273 shares during the period. Capital Fund Management S.A. raised its holdings in Macerich by 243.9% during the 2nd quarter. Capital Fund Management S.A. now owns 14,788 shares of the real estate investment trust’s stock valued at $840,000 after buying an additional 10,488 shares during the period. Perella Weinberg Partners Capital Management LP purchased a new stake in Macerich during the 3rd quarter valued at $2,526,000. Nomura Asset Management Co. Ltd. raised its holdings in Macerich by 5.0% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 103,063 shares of the real estate investment trust’s stock valued at $5,857,000 after buying an additional 4,918 shares during the period. Finally, Standard Life Aberdeen plc raised its holdings in Macerich by 424.5% during the 2nd quarter. Standard Life Aberdeen plc now owns 246,834 shares of the real estate investment trust’s stock valued at $14,028,000 after buying an additional 199,770 shares during the period. Institutional investors own 96.68% of the company’s stock.
In other Macerich news, insider Dana K. Anderson sold 10,000 shares of the stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $51.65, for a total value of $516,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 3.76% of the company’s stock.
Macerich (NYSE:MAC) last released its earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.32. Macerich had a return on equity of 3.29% and a net margin of 8.35%. The business had revenue of $242.20 million for the quarter, compared to analyst estimates of $220.02 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business’s revenue was down .1% compared to the same quarter last year. Sell-side analysts predict that Macerich Co will post 3.85 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Friday, November 9th were paid a $0.75 dividend. This is a positive change from Macerich’s previous quarterly dividend of $0.74. The ex-dividend date was Thursday, November 8th. This represents a $3.00 dividend on an annualized basis and a yield of 5.89%. Macerich’s dividend payout ratio (DPR) is presently 76.34%.
Several research firms recently weighed in on MAC. ValuEngine upgraded Macerich from a “strong sell” rating to a “sell” rating in a report on Wednesday. Morgan Stanley decreased their price target on Macerich to $58.00 and set an “underweight” rating on the stock in a report on Sunday, December 2nd. BTIG Research decreased their price target on Macerich to $63.00 and set a “buy” rating on the stock in a report on Monday, November 26th. BMO Capital Markets set a $64.00 price target on Macerich and gave the company a “buy” rating in a report on Wednesday, October 31st. Finally, Zacks Investment Research upgraded Macerich from a “sell” rating to a “hold” rating in a report on Monday, October 22nd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.78.
Macerich Company Profile
Macerich, an S&P 500 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. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
Further Reading: Risk Tolerance
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