Principal Financial Group Inc. lowered its stake in shares of The Macerich Company (NYSE:MAC - Free Report) by 4.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,018,275 shares of the real estate investment trust's stock after selling 46,063 shares during the quarter. Principal Financial Group Inc. owned 0.41% of Macerich worth $18,573,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the stock. Blue Trust Inc. grew its stake in Macerich by 152.2% during the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 933 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Macerich during the second quarter worth about $50,000. GAMMA Investing LLC increased its stake in shares of Macerich by 40.9% during the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust's stock worth $59,000 after buying an additional 933 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Macerich during the second quarter worth approximately $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Macerich by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust's stock valued at $150,000 after acquiring an additional 2,161 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have commented on MAC shares. Mizuho raised shares of Macerich from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Piper Sandler increased their price objective on Macerich from $14.00 to $17.00 and gave the stock an "underweight" rating in a research report on Wednesday, December 11th. Compass Point boosted their price objective on shares of Macerich from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Bank of America boosted their target price on Macerich from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Friday, October 11th. Finally, The Goldman Sachs Group increased their target price on Macerich from $13.00 to $14.60 and gave the stock a "sell" rating in a research note on Thursday, September 19th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $18.86.
View Our Latest Report on MAC
Macerich Price Performance
Shares of MAC traded down $0.44 on Friday, reaching $20.14. The stock had a trading volume of 754,337 shares, compared to its average volume of 1,887,375. The firm has a 50-day moving average of $19.94 and a 200 day moving average of $17.31. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $5.01 billion, a PE ratio of 51.64, a PEG ratio of 0.75 and a beta of 2.51. The Macerich Company has a twelve month low of $12.99 and a twelve month high of $22.27.
Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $220.20 million during the quarter, compared to analysts' expectations of $208.54 million. During the same quarter in the prior year, the business earned $0.44 EPS. The company's quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts expect that The Macerich Company will post 1.56 EPS for the current year.
Macerich Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 12th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.68 annualized dividend and a dividend yield of 3.38%. Macerich's dividend payout ratio is currently 174.36%.
About Macerich
(
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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