Macerich Co (MAC) Stake Lowered by Cadence Capital Management LLC
Cadence Capital Management LLC decreased its position in shares of Macerich Co (NYSE:MAC) by 30.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,175 shares of the real estate investment trust’s stock after selling 3,549 shares during the period. Cadence Capital Management LLC’s holdings in Macerich were worth $537,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MAC. Third Point LLC purchased a new stake in Macerich during the 3rd quarter worth about $94,878,000. APG Asset Management US Inc. purchased a new stake in Macerich during the 4th quarter worth about $47,842,000. Canada Pension Plan Investment Board increased its holdings in Macerich by 39.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock worth $68,849,000 after purchasing an additional 353,900 shares during the period. Third Avenue Management LLC increased its holdings in Macerich by 69.3% during the 3rd quarter. Third Avenue Management LLC now owns 847,701 shares of the real estate investment trust’s stock worth $46,599,000 after purchasing an additional 346,900 shares during the period. Finally, Koch Industries Inc. purchased a new stake in Macerich during the 2nd quarter worth about $289,000. 98.27% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on the company. Barclays cut their price target on Macerich from $62.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 30th. Boenning Scattergood restated a “buy” rating and set a $75.00 price target on shares of Macerich in a report on Wednesday, February 7th. Morgan Stanley restated a “hold” rating on shares of Macerich in a report on Tuesday, February 6th. BMO Capital Markets set a $62.00 price target on Macerich and gave the stock a “hold” rating in a report on Monday, February 5th. Finally, Citigroup cut their price target on Macerich from $66.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $67.09.
Macerich (NYSE:MAC) last released its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.11). Macerich had a net margin of 14.71% and a return on equity of 3.91%. The business had revenue of $245.30 million during the quarter, compared to analysts’ expectations of $237.90 million. During the same quarter in the previous year, the company posted $1.17 EPS. The company’s revenue was down 6.2% compared to the same quarter last year. sell-side analysts forecast that Macerich Co will post 3.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Wednesday, February 21st will be given a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, February 20th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 4.81%. Macerich’s dividend payout ratio (DPR) is presently 290.20%.
Macerich Company Profile
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.
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