Wells Fargo & Company MN Reduced Holding in Macerich Co (MAC)

Wells Fargo & Company MN Reduced Holding in Macerich Co (MAC)

Wells Fargo & Company MN lowered its stake in Macerich Co (NYSE:MAC) by 11.5% during the first quarter, Holdings Channel reports. The firm owned 102,535 shares of the real estate investment trust’s stock after selling 13,340 shares during the period. Wells Fargo & Company MN’s holdings in Macerich were worth $6,603,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MAC. Pacad Investment Ltd. increased its stake in Macerich by 1,700.0% in the fourth quarter. Pacad Investment Ltd. now owns 3,600 shares of the real estate investment trust’s stock valued at $255,000 after buying an additional 3,400 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Macerich during the fourth quarter valued at about $277,000. Tyers Asset Management LLC purchased a new stake in Macerich during the fourth quarter valued at about $294,000. Cigna Investments Inc. New purchased a new stake in Macerich during the fourth quarter valued at about $334,000. Finally, Boothbay Fund Management LLC purchased a new stake in Macerich during the fourth quarter valued at about $346,000. 93.27% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Macerich Co (NYSE:MAC) opened at 56.80 on Tuesday. The company has a market cap of $8.05 billion, a P/E ratio of 49.82 and a beta of 0.79. The company’s 50 day moving average is $60.88 and its 200-day moving average is $65.88. Macerich Co has a 12 month low of $56.19 and a 12 month high of $94.51.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.03. Macerich had a net margin of 30.28% and a return on equity of 6.87%. The company had revenue of $219.90 million during the quarter, compared to analysts’ expectations of $222.65 million. During the same quarter in the prior year, the company posted $0.87 EPS. The business’s revenue was down 6.1% on a year-over-year basis. Analysts expect that Macerich Co will post $0.82 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Stockholders of record on Friday, May 5th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Wednesday, May 3rd. Macerich’s dividend payout ratio is 83.04%.

Several research firms recently issued reports on MAC. ValuEngine downgraded shares of Macerich from a “buy” rating to a “hold” rating in a research note on Friday. Mizuho downgraded shares of Macerich from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $84.00 to $63.00 in a research note on Tuesday, May 30th. KeyCorp dropped their price target on shares of Macerich from $80.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 22nd. Stifel Nicolaus dropped their price target on shares of Macerich from $76.00 to $74.00 and set a “hold” rating on the stock in a research note on Tuesday, February 7th. Finally, BTIG Research reaffirmed a “buy” rating and set a $82.00 price target on shares of Macerich in a research note on Monday, April 3rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $73.71.

About Macerich

The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “MAC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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