Waterfront Capital Partners LLC Invests $12.31 Million in The Macerich Company (NYSE:MAC)

Waterfront Capital Partners LLC bought a new position in shares of The Macerich Company (NYSE:MAC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 618,187 shares of the real estate investment trust's stock, valued at approximately $12,314,000. Macerich comprises approximately 2.3% of Waterfront Capital Partners LLC's investment portfolio, making the stock its 20th largest position. Waterfront Capital Partners LLC owned about 0.25% of Macerich at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MAC. Quantbot Technologies LP bought a new position in Macerich in the fourth quarter valued at about $30,000. Blue Trust Inc. raised its position in Macerich by 68.8% during 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 lifted its stake in shares of Macerich by 314.2% in 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. GAMMA Investing LLC lifted its position 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 bought a new stake in Macerich during the fourth quarter valued at $99,000. Institutional investors own 87.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MAC. Jefferies Financial Group upgraded Macerich from a "hold" rating to a "buy" rating and increased their price target for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Morgan Stanley reduced their price target 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 raised shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 price target for the company in a research note on Thursday, April 10th. Piper Sandler cut their price objective 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. Finally, JPMorgan Chase & Co. decreased their target price on Macerich from $22.00 to $18.00 and set an "underweight" rating for the company in a research report on Monday, March 10th. Four 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $18.95.

Macerich Stock Down 1.0 %

MAC traded down $0.14 during mid-day trading on Wednesday, reaching $14.54. 427,815 shares of the stock were exchanged, compared to its average volume of 1,994,166. The Macerich Company has a 1 year low of $12.48 and a 1 year high of $22.27. 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 stock has a market capitalization of $3.67 billion, a PE ratio of 37.28, a price-to-earnings-growth ratio of 0.71 and a beta of 2.17. The company has a 50 day moving average price of $16.28 and a two-hundred day moving average price of $18.73.

Macerich Announces Dividend

The firm 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 dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Tuesday, June 3rd. Macerich's payout ratio is -86.08%.

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.