Sumitomo Mitsui Trust Group Inc. boosted its stake in Macerich Company (The) (NYSE:MAC – Free Report) by 14.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 435,898 shares of the real estate investment trust’s stock after purchasing an additional 55,453 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.17% of Macerich worth $8,238,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in shares of Macerich by 76.8% during the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust’s stock valued at $25,000 after acquiring an additional 585 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Macerich by 366.2% in the 4th quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Macerich by 80.4% in the 4th quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 684 shares in the last quarter. Triumph Capital Management bought a new position in Macerich in the third quarter valued at about $33,000. Finally, Salomon & Ludwin LLC raised its position in Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 1,336 shares during the last quarter. Institutional investors and hedge funds own 87.38% of the company’s stock.
Macerich Trading Up 0.7%
Shares of MAC stock opened at $24.93 on Wednesday. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of -35.12, a PEG ratio of 1.66 and a beta of 2.06. The stock has a 50-day moving average of $23.62 and a 200-day moving average of $20.93. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. Macerich Company has a 1-year low of $15.89 and a 1-year high of $25.97.
Macerich Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a dividend of $0.17 per share. The ex-dividend date was Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. Macerich’s dividend payout ratio is -95.77%.
Analyst Ratings Changes
Several research firms have recently weighed in on MAC. Compass Point restated a “neutral” rating and set a $26.00 price target (up from $23.00) on shares of Macerich in a report on Friday, June 26th. Evercore set a $24.00 price objective on shares of Macerich in a report on Tuesday, July 7th. LADENBURG THALM/SH SH lifted their target price on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Wall Street Zen raised shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Macerich has a consensus rating of “Moderate Buy” and an average price target of $25.14.
Macerich Company Profile
The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.
Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.
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