Cowen Prime Services LLC lessened its stake in Macerich Co (NYSE:MAC) by 91.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,060 shares of the real estate investment trust’s stock after selling 43,400 shares during the period. Cowen Prime Services LLC’s holdings in Macerich were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. NN Investment Partners Holdings N.V. purchased a new position in Macerich in the third quarter valued at about $1,157,000. Russell Investments Group Ltd. grew its stake in Macerich by 51.5% in the third quarter. Russell Investments Group Ltd. now owns 771,183 shares of the real estate investment trust’s stock valued at $42,399,000 after purchasing an additional 262,097 shares during the last quarter. Securian Asset Management Inc grew its stake in Macerich by 40.4% in the third quarter. Securian Asset Management Inc now owns 65,332 shares of the real estate investment trust’s stock valued at $3,612,000 after purchasing an additional 18,800 shares during the last quarter. Alps Advisors Inc. purchased a new stake in shares of Macerich during the third quarter worth about $1,202,000. Finally, Xact Kapitalforvaltning AB grew its stake in shares of Macerich by 9.4% during the third quarter. Xact Kapitalforvaltning AB now owns 35,281 shares of the real estate investment trust’s stock worth $1,951,000 after acquiring an additional 3,017 shares during the last quarter. Institutional investors own 96.25% of the company’s stock.
Shares of MAC stock opened at $51.88 on Wednesday. Macerich Co has a fifty-two week low of $49.41 and a fifty-two week high of $69.73. The stock has a market cap of $7.27 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 2.11 and a beta of 0.82. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.91 and a current ratio of 0.91.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Friday, November 9th will be issued a dividend of $0.75 per share. This is an increase from Macerich’s previous quarterly dividend of $0.74. The ex-dividend date is Thursday, November 8th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.78%. Macerich’s payout ratio is 75.32%.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Macerich from a “sell” rating to a “hold” rating in a research note on Monday, October 22nd. Barclays restated a “hold” rating and set a $54.00 price target on shares of Macerich in a research note on Sunday, October 14th. Evercore ISI upgraded Macerich from an “in-line” rating to an “outperform” rating in a research note on Monday, September 17th. Goldman Sachs Group upgraded Macerich from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $52.00 to $64.00 in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Finally, BMO Capital Markets set a $66.00 price target on Macerich and gave the stock a “buy” rating in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $63.97.
Macerich Company Profile
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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