Prudential Financial Inc. Increases Stake in The Macerich Company (NYSE:MAC)

Prudential Financial Inc. boosted its holdings in shares of The Macerich Company (NYSE:MAC - Free Report) by 463.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,590,689 shares of the real estate investment trust's stock after purchasing an additional 2,131,030 shares during the quarter. Prudential Financial Inc. owned about 1.04% of Macerich worth $51,607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new stake in Macerich during the 4th quarter valued at approximately $30,000. Blue Trust Inc. boosted 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 position in shares of Macerich by 314.2% during the fourth 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 in the last quarter. GAMMA Investing LLC raised its stake in Macerich by 36.5% during the fourth quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust's stock valued at $87,000 after purchasing an additional 1,174 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Macerich in the fourth quarter worth about $99,000. Institutional investors own 87.38% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on MAC shares. Scotiabank dropped their price objective on Macerich from $22.00 to $21.00 and set a "sector perform" rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group cut their price objective 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. Jefferies Financial Group raised Macerich from a "hold" rating to a "buy" rating and raised their price objective for the company from $19.00 to $23.00 in a research report on Thursday, January 2nd. JPMorgan Chase & Co. lowered 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, Mizuho upgraded 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 research note on Wednesday, December 4th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Macerich presently has an average rating of "Hold" and a consensus price target of $19.49.

Remove Ads

Macerich Price Performance

Shares of Macerich stock traded down $0.19 during trading hours on Friday, reaching $17.10. The stock had a trading volume of 995,480 shares, compared to its average volume of 1,896,092. The stock's 50 day moving average is $19.04 and its 200 day moving average is $19.20. 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 Macerich Company has a twelve month low of $12.99 and a twelve month high of $22.27. The firm has a market capitalization of $4.32 billion, a PE ratio of 43.85, a PEG ratio of 0.71 and a beta of 2.62.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.17 per share. The ex-dividend date was Tuesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 3.98%. Macerich's dividend payout ratio is currently -86.08%.

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.