Envestnet Asset Management Inc. Raises Stock Position in The Macerich Company (NYSE:MAC)

Envestnet Asset Management Inc. grew its holdings in shares of The Macerich Company (NYSE:MAC) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 328,694 shares of the real estate investment trust’s stock after buying an additional 15,362 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of Macerich worth $6,548,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MAC. GAMMA Investing LLC raised its position in Macerich by 36.5% during the fourth quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 1,174 shares during the period. Friedenthal Financial purchased a new stake in Macerich during the 4th quarter valued at $771,000. Perpetual Ltd lifted its position in Macerich by 24.3% in the fourth quarter. Perpetual Ltd now owns 55,356 shares of the real estate investment trust’s stock worth $1,103,000 after buying an additional 10,830 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Macerich by 15.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 55,118 shares of the real estate investment trust’s stock worth $1,098,000 after buying an additional 7,314 shares during the period. Finally, Blue Trust Inc. boosted its stake in Macerich by 68.8% during the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock worth $48,000 after buying an additional 1,064 shares during the period. Institutional investors own 87.38% of the company’s stock.

Macerich Stock Up 2.9 %

NYSE:MAC opened at $14.66 on Monday. The company’s 50-day simple moving average is $17.12 and its 200-day simple moving average is $18.89. 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 $12.48 and a fifty-two week high of $22.27. The stock has a market capitalization of $3.70 billion, a P/E ratio of 37.58, a P/E/G ratio of 0.71 and a beta of 2.17.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich’s payout ratio is presently -86.08%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MAC. Scotiabank lowered their target price on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a report on Thursday, March 6th. Truist Financial upgraded Macerich from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. reduced their price target on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a report on Monday, March 10th. Piper Sandler dropped their price objective on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday, February 28th. Finally, The Goldman Sachs Group decreased their target price on Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research report on Monday, March 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.37.

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.