The Macerich Company (NYSE:MAC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in shares of The Macerich Company (NYSE:MAC) by 23.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,145,921 shares of the real estate investment trust’s stock after selling 651,474 shares during the period. JPMorgan Chase & Co. owned 0.86% of Macerich worth $39,142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of 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 acquired a new stake in Macerich during the 2nd quarter worth $50,000. GAMMA Investing LLC grew its holdings in shares of Macerich by 40.9% during the third 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich in the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after acquiring 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 1.5 %

Shares of NYSE MAC opened at $20.54 on Monday. The Macerich Company has a 52-week low of $12.99 and a 52-week high of $22.27. The business’s 50 day moving average is $20.14 and its two-hundred day moving average is $17.58. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 52.67, a PEG ratio of 0.75 and a beta of 2.51. The company has a quick ratio of 0.92, a current 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 (EPS) 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 analyst estimates of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. Research analysts predict that The Macerich Company will post 1.56 EPS for the current year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a yield of 3.31%. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Insider Buying and Selling at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the sale, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MAC shares. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and upped their price target for the company from $19.00 to $23.00 in a research report on Thursday. Piper Sandler boosted their price target on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of Macerich in a report on Tuesday, December 17th. They issued a “hold” rating and a $22.00 target price on the stock. Finally, Bank of America raised their price target on shares of Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, October 11th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $19.24.

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.