HighTower Advisors LLC Grows Stake in The Macerich Company (NYSE:MAC)

HighTower Advisors LLC lifted its position in shares of The Macerich Company (NYSE:MAC) by 6.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 62,831 shares of the real estate investment trust’s stock after buying an additional 3,536 shares during the quarter. HighTower Advisors LLC’s holdings in Macerich were worth $1,252,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of Macerich by 7.7% during the third quarter. Victory Capital Management Inc. now owns 89,058 shares of the real estate investment trust’s stock valued at $1,624,000 after purchasing an additional 6,346 shares during the last quarter. Intech Investment Management LLC bought a new position in Macerich in the 3rd quarter worth $1,596,000. Charles Schwab Investment Management Inc. grew its stake in shares of Macerich by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,801,369 shares of the real estate investment trust’s stock valued at $87,577,000 after acquiring an additional 113,128 shares during the period. Citigroup Inc. boosted its holdings in Macerich by 32.3% in the 3rd quarter. Citigroup Inc. now owns 359,069 shares of the real estate investment trust’s stock worth $6,549,000 after buying an additional 87,611 shares during the period. Finally, Cerity Partners LLC increased its stake in Macerich by 21.9% in the 3rd quarter. Cerity Partners LLC now owns 31,368 shares of the real estate investment trust’s stock worth $572,000 after buying an additional 5,642 shares in the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Price Performance

MAC opened at $17.39 on Wednesday. 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 company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 44.59, a PEG ratio of 0.71 and a beta of 2.62. The business’s fifty day simple moving average is $19.18 and its 200-day simple moving average is $19.16. The Macerich Company has a 12-month low of $12.99 and a 12-month high of $22.27.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich’s dividend payout ratio (DPR) is -86.08%.

Insider Transactions at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MAC shares. The Goldman Sachs Group dropped their price target on Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Macerich in a research report on Tuesday, December 17th. They set a “hold” rating and a $22.00 price objective for the company. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Scotiabank cut their price objective on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 6th. Finally, Piper Sandler dropped their target price on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.49.

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.