The Macerich Company (NYSE:MAC) Position Reduced by International Assets Investment Management LLC

International Assets Investment Management LLC lowered its stake in The Macerich Company (NYSE:MAC) by 6.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 18,635 shares of the real estate investment trust’s stock after selling 1,363 shares during the period. International Assets Investment Management LLC’s holdings in Macerich were worth $288,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Macerich by 0.6% in the first quarter. Vanguard Group Inc. now owns 34,672,065 shares of the real estate investment trust’s stock worth $597,400,000 after purchasing an additional 193,787 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Macerich by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,654,465 shares of the real estate investment trust’s stock valued at $71,818,000 after acquiring an additional 165,649 shares during the last quarter. Norges Bank acquired a new stake in shares of Macerich during the 4th quarter valued at approximately $22,210,000. Wellington Management Group LLP bought a new position in Macerich during the fourth quarter worth $18,938,000. Finally, Russell Investments Group Ltd. boosted its holdings in Macerich by 1,845.1% in the first quarter. Russell Investments Group Ltd. now owns 1,168,864 shares of the real estate investment trust’s stock worth $20,133,000 after purchasing an additional 1,108,770 shares during the period. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Price Performance

NYSE MAC opened at $15.97 on Friday. The company has a 50-day moving average price of $15.33 and a two-hundred day moving average price of $15.63. The Macerich Company has a 52 week low of $9.21 and a 52 week high of $17.69. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -10.24, a price-to-earnings-growth ratio of 0.51 and a beta of 2.51. The company has a current ratio of 0.86, a quick ratio of 1.03 and a debt-to-equity ratio of 1.76.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Monday, August 19th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date is Monday, August 19th. Macerich’s dividend payout ratio (DPR) is -43.59%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and dropped their price objective for the stock from $16.00 to $14.00 in a research note on Friday, May 17th. Evercore ISI lifted their target price on Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Wednesday. Finally, The Goldman Sachs Group dropped their price target on Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research report on Monday, June 17th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.81.

Macerich Company 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.