CIBC Asset Management Inc Sells 681 Shares of The Macerich Company (NYSE:MAC)

CIBC Asset Management Inc cut its position in The Macerich Company (NYSE:MAC) by 3.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,142 shares of the real estate investment trust’s stock after selling 681 shares during the quarter. CIBC Asset Management Inc’s holdings in Macerich were worth $367,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its position in Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 933 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Macerich during the 2nd quarter valued at $50,000. GAMMA Investing LLC grew its stake in Macerich by 40.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Macerich during the 2nd quarter valued at about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Macerich by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 2,161 shares during the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Stock Up 1.0 %

Shares of MAC stock opened at $19.66 on Friday. The Macerich Company has a twelve month low of $10.75 and a twelve month high of $20.40. The stock has a market cap of $4.43 billion, a P/E ratio of 50.41, a P/E/G ratio of 0.67 and a beta of 2.50. The stock has a 50 day moving average of $18.32 and a 200 day moving average of $16.33. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.90). The firm had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. Macerich’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the firm earned $0.44 earnings per share. As a group, sell-side analysts expect that The Macerich Company will post 1.59 EPS for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Piper Sandler upped their price objective on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group upped their price target 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. StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Evercore ISI upped their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Finally, Compass Point raised their price objective on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $16.40.

Macerich 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.