Letko Brosseau & Associates Inc. Buys 39,150 Shares of Macerich Company (The) $MAC

Letko Brosseau & Associates Inc. raised its stake in Macerich Company (The) (NYSE:MAC) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,876,270 shares of the real estate investment trust’s stock after acquiring an additional 39,150 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.73% of Macerich worth $34,636,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its holdings in shares of Macerich by 76.8% in 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 during the last quarter. Global Retirement Partners LLC increased its stake in shares of Macerich by 366.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 1,095 shares during the period. Hantz Financial Services Inc. increased its stake in shares of Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 684 shares during the period. Triumph Capital Management acquired a new position in shares of Macerich in the third quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC increased its stake in shares of Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 1,336 shares during the period. Institutional investors own 87.38% of the company’s stock.

Analyst Ratings Changes

MAC has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on Macerich from $18.00 to $19.00 and gave the company an “underweight” rating in a research note on Tuesday, March 10th. Evercore set a $22.00 price objective on Macerich in a research note on Friday, May 8th. Wall Street Zen downgraded Macerich from a “hold” rating to a “sell” rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft raised Macerich from a “hold” rating to a “buy” rating and upped their price objective for the company from $20.00 to $27.00 in a research note on Tuesday, June 2nd. Finally, Scotiabank upped their price objective on Macerich from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Macerich presently has an average rating of “Hold” and an average target price of $22.54.

Macerich Stock Performance

NYSE:MAC opened at $24.41 on Wednesday. The company has a market capitalization of $6.38 billion, a PE ratio of -34.37, a P/E/G ratio of 1.57 and a beta of 2.10. The company has a 50 day simple moving average of $21.66 and a two-hundred day simple moving average of $19.69. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. Macerich Company has a fifty-two week low of $15.48 and a fifty-two week high of $24.63.

Macerich (NYSE:MAC) last released its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS. Research analysts anticipate that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, June 15th. Macerich’s dividend payout ratio is currently -95.77%.

Macerich Company Profile

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.