Alps Advisors Inc. bought a new position in shares of Macerich Co (NYSE:MAC) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 21,745 shares of the real estate investment trust’s stock, valued at approximately $1,202,000.
Other hedge funds have also made changes to their positions in the company. Commonwealth Bank of Australia raised its stake in shares of Macerich by 737.2% during the 2nd quarter. Commonwealth Bank of Australia now owns 1,800 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 1,585 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Macerich by 9,246.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,617 shares of the real estate investment trust’s stock worth $149,000 after buying an additional 2,589 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Macerich during the 2nd quarter worth approximately $207,000. ING Groep NV acquired a new position in shares of Macerich during the 2nd quarter worth approximately $219,000. Finally, Gideon Capital Advisors Inc. acquired a new position in shares of Macerich during the 2nd quarter worth approximately $234,000. 96.25% of the stock is owned by institutional investors and hedge funds.
NYSE MAC opened at $51.62 on Thursday. Macerich Co has a one year low of $49.41 and a one year high of $69.73. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $7.27 billion, a P/E ratio of 13.13, a PEG ratio of 2.11 and a beta of 0.82.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Friday, November 9th will be paid a $0.75 dividend. This is an increase from Macerich’s previous quarterly dividend of $0.74. This represents a $3.00 annualized dividend and a yield of 5.81%. The ex-dividend date of this dividend is Thursday, November 8th. Macerich’s dividend payout ratio is currently 75.32%.
MAC has been the subject of several research analyst reports. BMO Capital Markets set a $66.00 target price on Macerich and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised Macerich from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. SunTrust Banks reaffirmed a “hold” rating and set a $60.00 target price on shares of Macerich in a research note on Thursday, August 16th. Barclays reaffirmed a “hold” rating and set a $54.00 target price on shares of Macerich in a research note on Sunday, October 14th. Finally, Goldman Sachs Group raised Macerich from a “sell” rating to a “neutral” rating and upped their target price 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. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $63.97.
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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