Principal Financial Group Inc. Lowers Stock Holdings in Macerich Company (The) $MAC

Principal Financial Group Inc. reduced its stake in Macerich Company (The) (NYSE:MAC) by 2.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,220,535 shares of the real estate investment trust’s stock after selling 32,291 shares during the period. Principal Financial Group Inc. owned 0.48% of Macerich worth $22,214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Royal Bank of Canada lifted its position in shares of Macerich by 20.1% in the 1st quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after purchasing an additional 13,018 shares during the period. AQR Capital Management LLC raised its stake in Macerich by 2.2% in the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock worth $640,000 after buying an additional 813 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Macerich by 10.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after buying an additional 13,782 shares during the period. Millennium Management LLC boosted its position in Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock valued at $15,570,000 after acquiring an additional 716,394 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Macerich by 12.8% in the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock valued at $453,000 after acquiring an additional 2,983 shares during the period. Institutional investors own 87.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating and set a $21.00 price target on shares of Macerich in a research report on Monday, December 15th. Truist Financial boosted their price objective on shares of Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Scotiabank raised their target price on shares of Macerich from $18.00 to $19.00 and gave the company a “sector perform” rating in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Finally, Mizuho set a $21.00 price objective on Macerich in a report on Friday, January 9th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Macerich currently has a consensus rating of “Hold” and an average price target of $19.76.

Macerich Price Performance

Shares of NYSE:MAC opened at $19.65 on Friday. Macerich Company has a twelve month low of $12.48 and a twelve month high of $20.99. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.97. The company has a market cap of $5.03 billion, a PE ratio of -12.36, a price-to-earnings-growth ratio of 4.36 and a beta of 2.16. The company’s 50 day moving average is $18.42 and its 200 day moving average is $17.80.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.