Charles Schwab Investment Management Inc. Has $85.71 Million Position in Macerich Company (The) (NYSE:MAC)

Charles Schwab Investment Management Inc. lowered its position in Macerich Company (The) (NYSE:MAC) by 3.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 4,991,969 shares of the real estate investment trust’s stock after selling 179,331 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Macerich were worth $85,712,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Centersquare Investment Management LLC increased its holdings in Macerich by 3.3% in the first quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust’s stock worth $35,749,000 after buying an additional 66,648 shares during the last quarter. American Assets Investment Management LLC bought a new stake in Macerich during the first quarter worth approximately $9,868,000. Phocas Financial Corp. bought a new stake in Macerich during the first quarter worth approximately $3,419,000. US Bancorp DE boosted its position in Macerich by 334.8% during the first quarter. US Bancorp DE now owns 34,239 shares of the real estate investment trust’s stock worth $588,000 after purchasing an additional 26,365 shares during the period. Finally, TCTC Holdings LLC bought a new stake in Macerich during the first quarter worth approximately $1,449,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Stock Up 4.6%

MAC opened at $17.43 on Wednesday. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s fifty day moving average price is $16.48 and its two-hundred day moving average price is $16.78. The company has a market capitalization of $4.40 billion, a P/E ratio of -9.96, a P/E/G ratio of 3.22 and a beta of 2.22.

Macerich (NYSE:MAC) last posted its quarterly earnings results on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.02). Macerich had a negative return on equity of 15.06% and a negative net margin of 41.33%. The business had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, analysts anticipate that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Macerich’s payout ratio is currently -158.14%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. LADENBURG THALM/SH SH assumed coverage on Macerich in a research report on Friday, July 18th. They set a “buy” rating and a $25.00 target price for the company. Piper Sandler raised Macerich from an “underweight” rating to a “neutral” rating and set a $16.00 target price for the company in a research report on Thursday, May 22nd. Mizuho raised Macerich from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $22.00 to $18.00 in a research report on Tuesday, June 10th. Truist Financial upped their target price on Macerich from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Finally, Scotiabank reduced their price objective on Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Macerich has an average rating of “Hold” and an average price target of $19.26.

Macerich Profile

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.