Alps Advisors Inc. cut its holdings in shares of Macerich Co (NYSE:MAC) by 6.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 20,645 shares of the real estate investment trust’s stock after selling 1,433 shares during the period. Alps Advisors Inc.’s holdings in Macerich were worth $895,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in MAC. Cohen & Steers Inc. lifted its holdings in Macerich by 1,008.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,907,664 shares of the real estate investment trust’s stock worth $125,844,000 after buying an additional 2,645,377 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Macerich by 9,289.0% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,893,198 shares of the real estate investment trust’s stock valued at $81,938,000 after purchasing an additional 1,873,034 shares during the last quarter. Norges Bank purchased a new stake in shares of Macerich in the 4th quarter valued at approximately $63,471,000. Morgan Stanley increased its position in shares of Macerich by 31.6% in the 3rd quarter. Morgan Stanley now owns 5,757,801 shares of the real estate investment trust’s stock valued at $318,350,000 after purchasing an additional 1,383,314 shares during the last quarter. Finally, Lasalle Investment Management Securities LLC purchased a new stake in shares of Macerich in the 4th quarter valued at approximately $48,232,000. Institutional investors own 97.43% of the company’s stock.
In other Macerich news, SVP Kenneth Volk sold 5,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $42.19, for a total transaction of $210,950.00. Following the transaction, the senior vice president now directly owns 12,399 shares of the company’s stock, valued at approximately $523,113.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hern Thomas E. O acquired 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $40.99 per share, for a total transaction of $409,900.00. The disclosure for this purchase can be found here. Company insiders own 3.76% of the company’s stock.
Macerich (NYSE:MAC) last posted its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.76). The company had revenue of $216.34 million during the quarter, compared to analysts’ expectations of $206.88 million. Macerich had a net margin of 10.67% and a return on equity of 3.75%. The company’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. On average, research analysts forecast that Macerich Co will post 3.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 8th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.39%. The ex-dividend date is Tuesday, May 7th. Macerich’s dividend payout ratio (DPR) is 77.92%.
MAC has been the topic of a number of recent analyst reports. Wells Fargo & Co downgraded shares of Macerich from an “outperform” rating to a “market perform” rating and set a $43.00 price objective on the stock. in a research report on Friday, February 8th. Deutsche Bank dropped their price objective on shares of Macerich from $51.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, February 12th. Royal Bank of Canada reissued a “hold” rating and issued a $46.00 price objective on shares of Macerich in a research report on Tuesday, February 26th. Jefferies Financial Group reissued a “hold” rating and issued a $46.00 price objective on shares of Macerich in a research report on Wednesday, February 13th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $56.00 price objective on shares of Macerich in a research report on Thursday, February 7th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $54.00.
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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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