Principal Financial Group Inc. Grows Position in The Macerich Company (NYSE:MAC)

Principal Financial Group Inc. raised its position in The Macerich Company (NYSE:MAC) by 16.9% during the fourth quarter, Holdings Channel reports. The fund owned 1,190,229 shares of the real estate investment trust’s stock after acquiring an additional 171,954 shares during the period. Principal Financial Group Inc.’s holdings in Macerich were worth $23,709,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MAC. FMR LLC lifted its holdings in Macerich by 12,475.9% in the third quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after acquiring an additional 11,679,276 shares during the period. Bamco Inc. NY lifted its holdings in Macerich by 742.3% in the third quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock valued at $30,924,000 after acquiring an additional 1,494,145 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Macerich by 399.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock valued at $28,206,000 after acquiring an additional 1,236,983 shares during the period. Smead Capital Management Inc. raised its stake in shares of Macerich by 3.5% in the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after buying an additional 688,790 shares during the period. Finally, Brookfield Corp ON bought a new position in shares of Macerich in the third quarter worth about $9,217,000. Institutional investors own 87.38% of the company’s stock.

Wall Street Analysts Forecast Growth

MAC has been the topic of several recent analyst reports. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $14.00 to $22.00 in a research note on Wednesday, December 4th. Compass Point raised their price target on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Morgan Stanley upgraded Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 price target for the company in a report on Wednesday, January 15th. Piper Sandler raised their price target on Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a report on Wednesday, December 11th. Finally, Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and lifted their target price for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.30.

Macerich Trading Down 2.5 %

Shares of NYSE MAC opened at $19.86 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The business has a fifty day simple moving average of $20.31 and a two-hundred day simple moving average of $18.79. The firm has a market cap of $4.93 billion, a PE ratio of 50.91, a price-to-earnings-growth ratio of 0.71 and a beta of 2.50. The Macerich Company has a twelve month low of $12.99 and a twelve month high of $22.27.

Macerich Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Tuesday, March 4th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Insider Buying and Selling at Macerich

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of Macerich stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares of the company’s stock, valued at $1,718,832.61. The trade was a 43.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

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.