The Macerich Company (NYSE:MAC) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. grew its position in The Macerich Company (NYSE:MAC) by 463.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,590,689 shares of the real estate investment trust’s stock after acquiring an additional 2,131,030 shares during the period. Prudential Financial Inc. owned about 1.04% of Macerich worth $51,607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. 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 valued at $6,549,000 after purchasing an additional 87,611 shares in the last quarter. Bamco Inc. NY lifted its holdings in shares of Macerich by 742.3% in the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock valued at $30,924,000 after buying an additional 1,494,145 shares during the period. Friedenthal Financial purchased a new stake in shares of Macerich in the fourth quarter valued at approximately $771,000. Smartleaf Asset Management LLC grew its holdings in Macerich by 314.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock worth $69,000 after acquiring an additional 2,630 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Macerich by 20.4% during the fourth quarter. Van ECK Associates Corp now owns 44,843 shares of the real estate investment trust’s stock worth $893,000 after acquiring an additional 7,608 shares during the period. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Performance

Macerich stock opened at $17.39 on Wednesday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The stock has a fifty day moving average of $19.18 and a two-hundred day moving average of $19.16. 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.

Macerich Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich’s payout ratio is -86.08%.

Analyst Ratings Changes

A number of equities research analysts have commented on MAC shares. Piper Sandler reduced their target price on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. JPMorgan Chase & Co. reduced their price objective on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a research note on Monday, March 10th. Scotiabank lowered their target price 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. Mizuho raised shares of Macerich from an “underperform” rating to a “neutral” rating and increased their target price for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Finally, Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and boosted their price target for the stock from $19.00 to $23.00 in a research note on Thursday, January 2nd. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Macerich has an average rating of “Hold” and an average price target of $19.49.

Insider Buying and Selling at Macerich

In other news, Director Andrea M. Stephen sold 63,289 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the transaction, the director now owns 83,479 shares of the company’s stock, valued at $1,718,832.61. The trade was a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is owned by insiders.

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.