First Eagle Investment Management LLC reduced its stake in The Macerich Company (NYSE:MAC - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent Form 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 period. First Eagle Investment Management LLC owned approximately 0.15% of Macerich worth $7,649,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of MAC. Citigroup Inc. lifted its holdings in Macerich by 32.3% in the third quarter. Citigroup Inc. now owns 359,069 shares of the real estate investment trust's stock valued at $6,549,000 after acquiring an additional 87,611 shares during the period. Quest Partners LLC increased its stake in Macerich by 851.9% in the 3rd quarter. Quest Partners LLC now owns 30,529 shares of the real estate investment trust's stock worth $557,000 after acquiring an additional 27,322 shares during the last quarter. Bamco Inc. NY increased its stake in Macerich by 742.3% in the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust's stock worth $30,924,000 after acquiring an additional 1,494,145 shares during the last quarter. Friedenthal Financial bought a new position in shares of Macerich during the 4th quarter valued at approximately $771,000. Finally, Smartleaf Asset Management LLC increased its position in shares of 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 valued at $69,000 after purchasing an additional 2,630 shares during the last quarter. 87.38% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on MAC shares. Deutsche Bank Aktiengesellschaft started coverage on Macerich in a research note on Tuesday, December 17th. They set a "hold" rating and a $22.00 price objective for the company. Piper Sandler decreased their price objective on Macerich from $17.00 to $16.00 and set an "underweight" rating for the company in a research note on Friday, February 28th. Scotiabank decreased their price objective on Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. reduced their target price on Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research report on Monday, March 10th. Finally, The Goldman Sachs Group reduced their target price on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research report on Monday, March 10th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.03.
Get Our Latest Research Report on Macerich
Macerich Stock Down 0.5 %
NYSE:MAC traded down $0.10 during midday trading on Thursday, reaching $17.31. The company had a trading volume of 3,211,031 shares, compared to its average volume of 1,829,191. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 44.37, a PEG ratio of 0.71 and a beta of 2.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock's fifty day simple moving average is $19.35 and its 200-day simple moving average is $19.08. The Macerich Company has a 12-month low of $12.99 and a 12-month high of $22.27.
Macerich Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich's payout ratio is currently -86.08%.
Insiders Place Their Bets
In other news, Director Andrea M. Stephen sold 63,289 shares of the company's stock in a transaction on Thursday, December 26th. The stock was 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 directly owns 83,479 shares in the company, valued at $1,718,832.61. This represents a 43.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.53% of the company's stock.
Macerich Company Profile
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Free Report)
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.
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