Algert Global LLC Acquires 21,533 Shares of The Macerich Company (NYSE:MAC)

Algert Global LLC increased its holdings in The Macerich Company (NYSE:MAC - Free Report) by 12.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 189,154 shares of the real estate investment trust's stock after buying an additional 21,533 shares during the period. Algert Global LLC owned about 0.08% of Macerich worth $3,768,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MAC. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Macerich during the 4th quarter valued at $304,000. Schonfeld Strategic Advisors LLC acquired a new position in Macerich in the fourth quarter valued at about $366,000. Northern Trust Corp raised its holdings in shares of Macerich by 56.7% in the fourth quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after buying an additional 1,522,147 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Macerich by 2.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 117,620 shares of the real estate investment trust's stock valued at $2,343,000 after buying an additional 2,521 shares during the period. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Macerich during the 4th quarter worth approximately $3,959,000. Institutional investors own 87.38% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on MAC shares. JPMorgan Chase & Co. cut their price objective on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research report on Monday, March 10th. Truist Financial raised Macerich from a "hold" rating to a "buy" rating and set a $19.00 target price for the company in a report on Thursday, April 10th. Morgan Stanley decreased their price target on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 1st. The Goldman Sachs Group decreased their price objective on Macerich from $16.70 to $14.40 and set a "sell" rating for the company in a report on Monday, March 10th. Finally, Piper Sandler dropped their price target on shares of Macerich from $17.00 to $16.00 and set an "underweight" rating on the stock in a research report on Friday, February 28th. 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, Macerich has a consensus rating of "Hold" and a consensus target price of $18.95.

Macerich Price Performance

NYSE:MAC traded up $1.90 during mid-day trading on Monday, hitting $16.88. 1,054,354 shares of the stock traded hands, compared to its average volume of 2,169,558. The company has a market cap of $4.26 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13. The Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The business's 50-day moving average price is $15.63 and its 200 day moving average price is $18.53. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich (NYSE:MAC - Get Free Report) last announced its earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. Macerich had a net margin of 8.98% and a return on equity of 3.15%. Macerich's revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 EPS. On average, analysts expect that The Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich's payout ratio is currently -86.08%.

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.