CANADA LIFE ASSURANCE Co Boosts Stake in The Macerich Company (NYSE:MAC)

CANADA LIFE ASSURANCE Co raised its position in The Macerich Company (NYSE:MAC) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 584,474 shares of the real estate investment trust’s stock after purchasing an additional 74,617 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.24% of Macerich worth $11,639,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new stake in Macerich during the 4th quarter worth approximately $30,000. Blue Trust Inc. increased its position in shares of Macerich by 68.8% in the fourth quarter. Blue Trust Inc. now owns 2,610 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 1,064 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Macerich by 314.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust’s stock valued at $69,000 after acquiring an additional 2,630 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Macerich by 36.5% during the 4th quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 1,174 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Macerich during the 4th quarter worth $99,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Trading Down 3.9 %

Shares of NYSE MAC opened at $14.11 on Tuesday. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 36.18, a price-to-earnings-growth ratio of 0.71 and a beta of 2.17. The stock’s 50 day simple moving average is $17.00 and its 200 day simple moving average is $18.87. 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 Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27.

Macerich Announces Dividend

The company 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. The ex-dividend date was Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 4.82%. Macerich’s dividend payout ratio is currently -86.08%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MAC shares. Truist Financial raised 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. Piper Sandler lowered their price objective on shares of Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research report on Friday, February 28th. Morgan Stanley reduced their target price on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 1st. The Goldman Sachs Group dropped their price target on shares of Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research note on Monday, March 10th. Finally, Scotiabank dropped their target price on Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 6th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.37.

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.