Smead Capital Management Inc. Reduces Position in The Macerich Company (NYSE:MAC)

Smead Capital Management Inc. decreased its stake in The Macerich Company (NYSE:MAC) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,504,170 shares of the real estate investment trust’s stock after selling 173,043 shares during the period. Macerich makes up 5.7% of Smead Capital Management Inc.’s portfolio, making the stock its 6th largest holding. Smead Capital Management Inc. owned approximately 9.52% of Macerich worth $316,379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Macerich by 0.4% during the third quarter. Vanguard Group Inc. now owns 30,989,432 shares of the real estate investment trust’s stock worth $246,057,000 after buying an additional 136,337 shares in the last quarter. BlackRock Inc. raised its holdings in Macerich by 0.7% during the 1st quarter. BlackRock Inc. now owns 30,909,711 shares of the real estate investment trust’s stock worth $327,643,000 after purchasing an additional 224,394 shares during the last quarter. State Street Corp raised its holdings in Macerich by 6.3% during the 2nd quarter. State Street Corp now owns 14,327,975 shares of the real estate investment trust’s stock worth $161,476,000 after purchasing an additional 855,355 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Macerich by 867.8% during the 2nd quarter. Goldman Sachs Group Inc. now owns 8,732,108 shares of the real estate investment trust’s stock worth $98,411,000 after purchasing an additional 7,829,876 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Macerich by 3.1% during the 1st quarter. JPMorgan Chase & Co. now owns 6,716,461 shares of the real estate investment trust’s stock worth $71,194,000 after purchasing an additional 203,180 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.

Insider Activity at Macerich

In related news, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the transaction, the director now directly owns 197,900 shares in the company, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Macerich news, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now owns 655,667 shares of the company’s stock, valued at approximately $11,277,472.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the transaction, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The disclosure for this sale can be found here. In the last three months, insiders sold 172,964 shares of company stock worth $2,940,030. 0.57% of the stock is owned by company insiders.

Macerich Trading Down 0.2 %

Shares of Macerich stock traded down $0.03 during trading on Thursday, hitting $15.34. 472,779 shares of the company were exchanged, compared to its average volume of 1,916,747. The firm has a market capitalization of $3.31 billion, a P/E ratio of -12.11, a price-to-earnings-growth ratio of 1.78 and a beta of 2.33. The Macerich Company has a 1-year low of $9.05 and a 1-year high of $17.69. The firm’s fifty day moving average price is $16.54 and its 200 day moving average price is $14.31. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.26). Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The business had revenue of $238.70 million during the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Macerich’s revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, sell-side analysts expect that The Macerich Company will post 1.8 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were given a $0.17 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.68 annualized dividend and a dividend yield of 4.43%. Macerich’s dividend payout ratio is presently -53.54%.

Analyst Ratings Changes

MAC has been the subject of several recent research reports. Truist Financial reissued a “hold” rating and set a $16.00 price objective on shares of Macerich in a report on Monday, March 25th. Citigroup raised Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. The Goldman Sachs Group boosted their price objective on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. Piper Sandler boosted their target price on Macerich from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 20th. Finally, StockNews.com upgraded Macerich from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.40.

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.