Sumitomo Mitsui Trust Group Inc. Has $4.26 Million Stock Holdings in The Macerich Company (NYSE:MAC)

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of The Macerich Company (NYSE:MAC) by 3.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 233,700 shares of the real estate investment trust’s stock after selling 7,930 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Macerich were worth $4,263,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MAC. Blue Trust Inc. lifted its stake in Macerich by 152.2% in the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 933 shares during the last quarter. Quest Partners LLC acquired a new stake in Macerich during the second quarter worth approximately $50,000. GAMMA Investing LLC lifted its position in 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 acquiring an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Macerich during the second quarter worth approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted 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 currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on MAC. Evercore ISI raised their price objective on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Compass Point raised their target price on shares of Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Bank of America lifted their price objective on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Piper Sandler lifted their price objective on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a research note on Tuesday, September 3rd. Five research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.40.

Macerich Stock Performance

NYSE MAC opened at $19.32 on Tuesday. The firm’s fifty day moving average price is $18.10 and its two-hundred day moving average price is $16.25. The stock has a market cap of $4.36 billion, a PE ratio of 49.54, a PEG ratio of 0.65 and a beta of 2.50. The Macerich Company has a fifty-two week low of $10.75 and a fifty-two week high of $20.40. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. On average, equities analysts expect that The Macerich Company will post 1.59 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be issued a dividend of $0.17 per share. The ex-dividend date is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.52%. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

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.