Mutual of America Capital Management LLC Cuts Stock Holdings in The Macerich Company (NYSE:MAC)

Mutual of America Capital Management LLC lowered its stake in The Macerich Company (NYSE:MAC) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,486 shares of the real estate investment trust’s stock after selling 2,976 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Macerich were worth $593,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Blue Trust Inc. lifted its position in shares of Macerich by 152.2% in the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 933 shares in the last quarter. Quest Partners LLC bought a new stake in Macerich in the 2nd quarter worth approximately $50,000. GAMMA Investing LLC raised its holdings in shares of 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 acquiring an additional 933 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Macerich during the 2nd quarter valued at approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 purchasing an additional 2,161 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Macerich Trading Up 3.1 %

Shares of NYSE MAC opened at $20.94 on Wednesday. The Macerich Company has a fifty-two week low of $10.75 and a fifty-two week high of $21.40. 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 company has a market cap of $4.72 billion, a price-to-earnings ratio of 54.36, a PEG ratio of 0.67 and a beta of 2.50. The business’s 50 day moving average price is $18.46 and its 200-day moving average price is $16.41.

Macerich (NYSE:MAC) last issued 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 company 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%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 earnings per share. On average, sell-side analysts expect that The Macerich Company will post 1.59 earnings per share for the current year.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.25%. Macerich’s payout ratio is currently 174.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group increased their price target on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a report on Thursday, September 19th. Bank of America lifted their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Evercore ISI lifted their target price on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Macerich presently has a consensus rating of “Hold” and an average target price of $16.40.

About Macerich

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.