Letko Brosseau & Associates Inc. Has $34.64 Million Stake in Macerich Company (The) $MAC

Letko Brosseau & Associates Inc. lifted its stake in shares of Macerich Company (The) (NYSE:MAC) by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,876,270 shares of the real estate investment trust’s stock after buying an additional 39,150 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Macerich were worth $34,636,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Fox Run Management L.L.C. acquired a new stake in shares of Macerich during the 4th quarter worth approximately $354,000. Franklin Resources Inc. grew its position in shares of Macerich by 2.3% during the 4th quarter. Franklin Resources Inc. now owns 267,130 shares of the real estate investment trust’s stock worth $4,931,000 after buying an additional 5,963 shares during the period. O Shaughnessy Asset Management LLC grew its position in shares of Macerich by 7.2% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 16,890 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 1,131 shares during the period. JPMorgan Chase & Co. grew its position in shares of Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after buying an additional 2,034,338 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in shares of Macerich by 6.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 97,685 shares of the real estate investment trust’s stock worth $1,803,000 after buying an additional 5,961 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Price Performance

Shares of MAC opened at $24.41 on Wednesday. Macerich Company has a 12-month low of $15.48 and a 12-month high of $24.63. The business’s fifty day moving average is $21.66 and its 200 day moving average is $19.69. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. The stock has a market cap of $6.38 billion, a P/E ratio of -34.37, a P/E/G ratio of 1.57 and a beta of 2.10.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The company had revenue of $241.54 million for the quarter, compared to analysts’ expectations of $233.06 million. During the same period last year, the business earned $0.33 EPS. Macerich’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Macerich Company will post 1.48 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, June 15th. Macerich’s dividend payout ratio (DPR) is currently -95.77%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Scotiabank raised their price objective on shares of Macerich from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 19th. Mizuho raised their price objective on shares of Macerich from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Weiss Ratings raised shares of Macerich from a “sell (d)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Evercore set a $22.00 target price on Macerich in a report on Friday, May 8th. Finally, Wall Street Zen cut Macerich from a “hold” rating to a “sell” rating in a report on Saturday. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $22.54.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.