Invesco Ltd. Increases Position in The Macerich Company (NYSE:MAC)

Invesco Ltd. raised its position in shares of The Macerich Company (NYSE:MAC) by 8.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 529,367 shares of the real estate investment trust’s stock after buying an additional 41,712 shares during the period. Invesco Ltd.’s holdings in Macerich were worth $10,545,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Macerich by 13.2% during the 4th quarter. Vanguard Group Inc. now owns 38,617,446 shares of the real estate investment trust’s stock valued at $769,260,000 after acquiring an additional 4,503,509 shares during the period. FMR LLC increased its position in shares of Macerich by 87.3% during the fourth quarter. FMR LLC now owns 22,047,786 shares of the real estate investment trust’s stock worth $439,192,000 after acquiring an additional 10,274,895 shares during the period. Wellington Management Group LLP raised its stake in shares of Macerich by 845.9% in the fourth quarter. Wellington Management Group LLP now owns 10,051,286 shares of the real estate investment trust’s stock valued at $200,222,000 after acquiring an additional 8,988,665 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Macerich by 10.6% in the fourth quarter. Geode Capital Management LLC now owns 6,001,399 shares of the real estate investment trust’s stock valued at $119,573,000 after purchasing an additional 574,490 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Macerich by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,171,300 shares of the real estate investment trust’s stock worth $103,012,000 after purchasing an additional 369,931 shares in the last quarter. 87.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Macerich Price Performance

Shares of NYSE MAC opened at $14.19 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock has a market cap of $3.58 billion, a P/E ratio of 36.39, a P/E/G ratio of 0.71 and a beta of 2.17. The stock has a 50 day moving average of $16.86 and a two-hundred day moving average of $18.84. The Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.79%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich’s payout ratio is currently -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.