First Eagle Investment Management LLC Sells 43,200 Shares of The Macerich Company (NYSE:MAC)

First Eagle Investment Management LLC cut its stake in shares of The Macerich Company (NYSE:MAC) by 10.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 384,010 shares of the real estate investment trust’s stock after selling 43,200 shares during the quarter. First Eagle Investment Management LLC owned 0.15% of Macerich worth $7,649,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,064 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Macerich by 314.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 2,630 shares during the last quarter. GAMMA Investing LLC grew its holdings in Macerich by 36.5% during the 4th quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust’s stock worth $87,000 after acquiring an additional 1,174 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Macerich during the 4th quarter worth approximately $99,000. Finally, Sanctuary Advisors LLC bought a new stake in Macerich during the 4th quarter worth approximately $212,000. 87.38% of the stock is owned by institutional investors.

Insider Activity at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by insiders.

Macerich Stock Up 1.6 %

MAC opened at $16.47 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50-day moving average is $19.54 and its 200 day moving average is $19.05. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The firm has a market capitalization of $4.16 billion, a P/E ratio of 42.22, a PEG ratio of 0.71 and a beta of 2.62.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend is Tuesday, March 4th. Macerich’s payout ratio is currently -86.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Macerich in a report on Tuesday, December 17th. They set a “hold” rating and a $22.00 target price on the stock. Jefferies Financial Group upgraded shares of Macerich from a “hold” rating to a “buy” rating and boosted their price target for the stock from $19.00 to $23.00 in a research report on Thursday, January 2nd. Morgan Stanley upgraded shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Mizuho upgraded shares of Macerich from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $14.00 to $22.00 in a research report on Wednesday, December 4th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.03.

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.