Paloma Partners Management Co Cuts Stake in Macerich Company (The) (MAC)

Paloma Partners Management Co cut its position in shares of Macerich Company (The) (NYSE:MAC) by 73.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,999 shares of the real estate investment trust’s stock after selling 19,477 shares during the period. Paloma Partners Management Co’s holdings in Macerich Company (The) were worth $451,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MAC. Pacer Advisors Inc. increased its position in shares of Macerich Company (The) by 3.1% in the first quarter. Pacer Advisors Inc. now owns 2,571 shares of the real estate investment trust’s stock worth $166,000 after buying an additional 77 shares during the period. Advisory Services Network LLC acquired a new position in shares of Macerich Company (The) during the first quarter worth about $167,000. BB&T Securities LLC acquired a new position in shares of Macerich Company (The) during the first quarter worth about $234,000. Sawtooth Solutions LLC acquired a new position in shares of Macerich Company (The) during the first quarter worth about $244,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Macerich Company (The) during the fourth quarter worth about $277,000. 95.08% of the stock is owned by hedge funds and other institutional investors.

Macerich Company (MAC) traded up 4.25% on Friday, reaching $59.34. The company’s stock had a trading volume of 1,768,018 shares. Macerich Company has a 52-week low of $56.06 and a 52-week high of $88.02. The firm has a market capitalization of $8.41 billion, a P/E ratio of 52.05 and a beta of 0.77. The firm has a 50-day moving average price of $58.27 and a 200 day moving average price of $62.59.

Macerich Company (The) (NYSE:MAC) last released its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.04. Macerich Company (The) had a return on equity of 3.38% and a net margin of 14.39%. The business had revenue of $247.20 million during the quarter, compared to analyst estimates of $218.62 million. During the same quarter in the previous year, the firm posted $1.02 EPS. The business’s revenue for the quarter was down 4.9% compared to the same quarter last year. Equities analysts anticipate that Macerich Company will post $1.03 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Friday, August 18th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.79%. Macerich Company (The)’s dividend payout ratio (DPR) is presently 278.43%.

Several research firms have recently weighed in on MAC. Barclays PLC decreased their price objective on Macerich Company (The) from $66.00 to $63.00 and set an “equal weight” rating for the company in a report on Wednesday, April 19th. ValuEngine downgraded Macerich Company (The) from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Boenning Scattergood reissued a “hold” rating on shares of Macerich Company (The) in a report on Friday. Mizuho downgraded Macerich Company (The) from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $84.00 to $63.00 in a report on Tuesday, May 30th. Finally, BidaskClub raised Macerich Company (The) from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $71.64.

In other Macerich Company (The) news, CEO Arthur M. Coppola sold 100,000 shares of the business’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $58.13, for a total transaction of $5,813,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.75% of the company’s stock.

About Macerich Company (The)

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.