The Manufacturers Life Insurance Company Buys 2,521 Shares of The Macerich Company (NYSE:MAC)

The Manufacturers Life Insurance Company boosted its stake in shares of The Macerich Company (NYSE:MAC) by 2.2% during the fourth quarter, Holdings Channel reports. The firm owned 117,620 shares of the real estate investment trust’s stock after purchasing an additional 2,521 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Macerich were worth $2,343,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MAC. Quantbot Technologies LP purchased a new position in shares of Macerich in the 4th quarter worth $30,000. Blue Trust Inc. grew its stake in shares of Macerich by 68.8% during the 4th quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock valued at $48,000 after purchasing an additional 1,064 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Macerich by 314.2% during 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 during the last quarter. GAMMA Investing LLC lifted its stake in shares of Macerich by 36.5% in the 4th 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 period. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Macerich in the fourth quarter worth approximately $99,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Performance

NYSE MAC opened at $14.96 on Friday. The business’s 50 day moving average price is $15.63 and its 200-day moving average price is $18.53. The Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27. The company has a market cap of $3.78 billion, a P/E ratio of 38.36, a P/E/G ratio of 0.71 and a beta of 2.13. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.55%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich’s dividend payout ratio is currently -86.08%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MAC. JPMorgan Chase & Co. dropped their price target on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, March 10th. Scotiabank decreased their price objective on Macerich from $21.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Morgan Stanley reduced their target price on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, April 1st. Truist Financial upgraded shares of Macerich from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Thursday, April 10th. Finally, The Goldman Sachs Group dropped their target price on shares of Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a report on Monday, March 10th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.95.

About Macerich

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.