PNC Financial Services Group Inc. Grows Position in The Macerich Company (NYSE:MAC)

PNC Financial Services Group Inc. raised its position in The Macerich Company (NYSE:MAC) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,322 shares of the real estate investment trust’s stock after purchasing an additional 1,333 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Macerich were worth $298,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MAC. Envestnet Asset Management Inc. boosted its stake in shares of Macerich by 2.9% during the third quarter. Envestnet Asset Management Inc. now owns 388,714 shares of the real estate investment trust’s stock valued at $4,241,000 after purchasing an additional 10,791 shares during the period. Invesco Ltd. increased its stake in shares of Macerich by 15.3% during the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock valued at $6,323,000 after buying an additional 76,888 shares during the period. LPL Financial LLC raised its holdings in shares of Macerich by 5.6% in the third quarter. LPL Financial LLC now owns 475,570 shares of the real estate investment trust’s stock valued at $5,188,000 after acquiring an additional 25,076 shares in the last quarter. Natixis Advisors L.P. lifted its stake in Macerich by 5.7% in the third quarter. Natixis Advisors L.P. now owns 95,400 shares of the real estate investment trust’s stock worth $1,041,000 after acquiring an additional 5,157 shares during the period. Finally, Sherbrooke Park Advisers LLC increased its position in Macerich by 14.7% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 25,032 shares of the real estate investment trust’s stock valued at $273,000 after purchasing an additional 3,205 shares during the period. Institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Truist Financial reaffirmed a “hold” rating and issued a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Scotiabank downgraded Macerich from a “sector perform” rating to a “sector underperform” rating and cut their price target for the company from $16.00 to $14.00 in a report on Friday, May 17th. Piper Sandler cut Macerich from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. The Goldman Sachs Group cut their target price on Macerich from $14.00 to $12.50 and set a “sell” rating on the stock in a research note on Monday, June 17th. Finally, Compass Point decreased their price target on shares of Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.64.

Insider Activity

In other news, CFO Scott W. Kingsmore bought 6,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were acquired at an average cost of $16.06 per share, with a total value of $96,360.00. Following the purchase, the chief financial officer now directly owns 42,310 shares in the company, valued at approximately $679,498.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Macerich news, CFO Scott W. Kingsmore bought 6,000 shares of Macerich stock in a transaction dated Thursday, May 9th. The stock was acquired at an average cost of $16.06 per share, with a total value of $96,360.00. Following the purchase, the chief financial officer now directly owns 42,310 shares in the company, valued at approximately $679,498.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Ann C. Menard purchased 4,865 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was bought at an average cost of $15.40 per share, for a total transaction of $74,921.00. Following the purchase, the insider now directly owns 20,633 shares in the company, valued at approximately $317,748.20. The disclosure for this purchase can be found here. Insiders bought a total of 163,365 shares of company stock valued at $2,358,681 in the last three months. 0.53% of the stock is currently owned by corporate insiders.

Macerich Price Performance

Shares of MAC opened at $15.44 on Monday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. The company’s fifty day moving average price is $15.08 and its 200-day moving average price is $15.79. The Macerich Company has a 1-year low of $9.21 and a 1-year high of $17.69. The firm has a market capitalization of $3.33 billion, a PE ratio of -9.90, a price-to-earnings-growth ratio of 3.18 and a beta of 2.43.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date was Friday, May 17th. Macerich’s dividend payout ratio is presently -43.59%.

Macerich 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.