The Macerich Company (NYSE:MAC) Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. cut its position in The Macerich Company (NYSE:MAC) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,261,795 shares of the real estate investment trust’s stock after selling 38,225 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 1.51% of Macerich worth $50,362,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Macerich by 0.6% in the first quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock valued at $597,400,000 after acquiring an additional 193,787 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Macerich by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock worth $71,818,000 after purchasing an additional 165,649 shares during the period. Norges Bank acquired a new position in Macerich in the fourth quarter valued at $22,210,000. Wellington Management Group LLP acquired a new position in Macerich in the fourth quarter valued at $18,938,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock valued at $20,133,000 after buying an additional 1,108,770 shares during the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on MAC. StockNews.com upgraded Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Scotiabank downgraded Macerich from a “sector perform” rating to a “sector underperform” rating and decreased their price target for the stock from $16.00 to $14.00 in a report on Friday, May 17th. Evercore ISI lifted their price objective on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Piper Sandler upped their price objective on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday. Finally, The Goldman Sachs Group reduced their target price on shares of Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Monday, June 17th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.19.

Macerich Price Performance

Shares of NYSE:MAC traded down $0.05 on Friday, reaching $15.35. 1,048,020 shares of the company were exchanged, compared to its average volume of 1,819,026. The company has a 50-day moving average of $15.38 and a 200-day moving average of $15.58. The Macerich Company has a 1-year low of $9.21 and a 1-year high of $17.69. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -9.84, a price-to-earnings-growth ratio of 0.53 and a beta of 2.49.

Macerich Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 19th will be issued a dividend of $0.17 per share. The ex-dividend date is Monday, August 19th. This represents a $0.68 annualized dividend and a yield of 4.43%. Macerich’s dividend payout ratio is presently -43.59%.

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.