Waterfront Capital Partners LLC Acquires Shares of 618,187 The Macerich Company (NYSE:MAC)

Waterfront Capital Partners LLC purchased a new position in The Macerich Company (NYSE:MAC) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 618,187 shares of the real estate investment trust’s stock, valued at approximately $12,314,000. Macerich makes up about 2.3% of Waterfront Capital Partners LLC’s portfolio, making the stock its 20th biggest holding.

A number of other hedge funds have also recently bought and sold shares of MAC. Quantbot Technologies LP bought a new stake in shares of Macerich in the fourth quarter worth $30,000. Blue Trust Inc. increased its position in shares of Macerich by 68.8% in the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 1,064 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Macerich by 314.2% in the 4th 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 lifted its position in shares of Macerich by 36.5% during the fourth quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 1,174 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Macerich in the fourth quarter worth about $99,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Macerich Stock Performance

Shares of NYSE MAC opened at $14.64 on Friday. The Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a market cap of $3.70 billion, a PE ratio of 37.54, a P/E/G ratio of 0.71 and a beta of 2.17. The stock has a 50 day simple moving average of $16.62 and a 200-day simple moving average of $18.78. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were paid a $0.17 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 4.64%. Macerich’s payout ratio is -86.08%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and increased their target price for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Scotiabank decreased their price objective on shares of Macerich from $21.00 to $16.00 and set a “sector perform” rating for the company in a report on Wednesday. Morgan Stanley dropped their target price on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 1st. Piper Sandler decreased their price target on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Finally, Truist Financial upgraded shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Thursday, April 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Macerich presently has a consensus rating of “Hold” and a consensus price target of $18.95.

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.