American Assets Capital Advisers LLC Sells 477,377 Shares of The Macerich Company (NYSE:MAC)

American Assets Capital Advisers LLC cut its stake in The Macerich Company (NYSE:MAC) by 59.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,754 shares of the real estate investment trust’s stock after selling 477,377 shares during the quarter. Macerich comprises about 1.8% of American Assets Capital Advisers LLC’s holdings, making the stock its 21st biggest holding. American Assets Capital Advisers LLC owned about 0.15% of Macerich worth $5,960,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its holdings in Macerich by 47.0% in the first quarter. Janney Montgomery Scott LLC now owns 33,768 shares of the real estate investment trust’s stock worth $582,000 after buying an additional 10,790 shares during the period. Texas Permanent School Fund Corp lifted its stake in shares of Macerich by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 189,021 shares of the real estate investment trust’s stock valued at $3,257,000 after purchasing an additional 2,929 shares during the period. Swiss National Bank boosted its position in shares of Macerich by 0.3% during the first quarter. Swiss National Bank now owns 425,415 shares of the real estate investment trust’s stock valued at $7,330,000 after purchasing an additional 1,200 shares in the last quarter. Russell Investments Group Ltd. grew its stake in 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 worth $20,133,000 after purchasing an additional 1,108,770 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Macerich by 7.4% in the first quarter. ProShare Advisors LLC now owns 43,585 shares of the real estate investment trust’s stock worth $751,000 after purchasing an additional 3,011 shares in the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Stock Performance

Shares of MAC stock traded down $0.30 on Tuesday, reaching $19.81. The stock had a trading volume of 325,202 shares, compared to its average volume of 1,766,511. The Macerich Company has a 1 year low of $10.00 and a 1 year high of $20.40. The stock has a market cap of $4.28 billion, a P/E ratio of 51.62, a price-to-earnings-growth ratio of 0.65 and a beta of 2.50. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.86 and a current ratio of 0.92. The company has a 50 day simple moving average of $17.70 and a 200 day simple moving average of $16.08.

Macerich (NYSE:MAC) last announced 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). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The business had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. During the same quarter last year, the firm posted $0.44 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts expect that The Macerich Company will post 1.61 EPS for the current year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be given a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 annualized dividend and a yield of 3.43%. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Compass Point lifted their target price on shares of Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler raised their price objective on Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research report on Tuesday, September 3rd. Evercore ISI boosted 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. Finally, Bank of America raised their price target on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Five 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target 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.