Norges Bank Makes New Investment in The Macerich Company (NYSE:MAC)

Norges Bank purchased a new stake in The Macerich Company (NYSE:MAC - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 244,790 shares of the real estate investment trust's stock, valued at approximately $4,876,000. Norges Bank owned 0.10% of Macerich at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Quantinno Capital Management LP purchased a new position in Macerich in the third quarter worth $256,000. XTX Topco Ltd purchased a new position in Macerich during the 3rd quarter worth $816,000. Y Intercept Hong Kong Ltd acquired a new position in Macerich during the 3rd quarter valued at about $1,131,000. Nomura Asset Management Co. Ltd. raised its stake in Macerich by 0.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust's stock valued at $5,029,000 after buying an additional 700 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Macerich by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 314,000 shares of the real estate investment trust's stock worth $5,727,000 after acquiring an additional 2,322 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

Macerich Price Performance

Macerich stock traded up $0.06 during midday trading on Tuesday, reaching $14.11. The company had a trading volume of 176,514 shares, compared to its average volume of 2,276,168. 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 Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a market capitalization of $3.56 billion, a P/E ratio of 36.14, a P/E/G ratio of 0.71 and a beta of 2.17. The firm's fifty day simple moving average is $17.62 and its 200-day simple moving average is $18.99.

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Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich's payout ratio is -86.08%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MAC. The Goldman Sachs Group reduced their target price on Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a research note on Monday, March 10th. Morgan Stanley reduced their price objective on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 1st. Piper Sandler dropped their target price on Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. JPMorgan Chase & Co. cut their price target on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a report on Monday, March 10th. Finally, Jefferies Financial Group upgraded shares of Macerich from a "hold" rating to a "buy" rating and lifted their price objective for the company from $19.00 to $23.00 in a research note on Thursday, January 2nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.37.

About Macerich

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.