Principal Financial Group Inc. Reduces Stock Position in The Macerich Company (NYSE:MAC)

Principal Financial Group Inc. reduced its position in shares of The Macerich Company (NYSE:MAC) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,064,338 shares of the real estate investment trust’s stock after selling 56,934 shares during the period. Principal Financial Group Inc. owned 0.49% of Macerich worth $16,433,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MAC. Quest Partners LLC purchased a new stake in shares of Macerich during the fourth quarter worth about $41,000. Fidelis Capital Partners LLC purchased a new stake in shares of Macerich during the first quarter worth about $46,000. Entropy Technologies LP purchased a new stake in shares of Macerich during the first quarter worth about $194,000. Metis Global Partners LLC boosted its holdings in shares of Macerich by 8.2% during the fourth quarter. Metis Global Partners LLC now owns 13,666 shares of the real estate investment trust’s stock worth $211,000 after purchasing an additional 1,040 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Macerich by 11.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 17,610 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 1,805 shares during the period. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MAC. Piper Sandler raised their price objective on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday. Scotiabank lowered shares of Macerich from a “sector perform” rating to a “sector underperform” rating and lowered their price objective for the stock from $16.00 to $14.00 in a report on Friday, May 17th. The Goldman Sachs Group lowered their price objective on shares of Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a report on Monday, June 17th. Evercore ISI raised their price objective on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. Finally, StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Macerich presently has an average rating of “Hold” and a consensus target price of $15.19.

Macerich Price Performance

MAC stock opened at $15.47 on Thursday. The firm has a 50 day moving average price of $15.37 and a 200-day moving average price of $15.59. The Macerich Company has a 52-week low of $9.21 and a 52-week high of $17.69. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -9.91, a PEG ratio of 0.53 and a beta of 2.51. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.86 and a current ratio of 0.86.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Monday, August 19th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.68 annualized dividend and a dividend yield of 4.40%. Macerich’s payout ratio is -43.59%.

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.