CI Investments Inc. grew its holdings in The Macerich Company (NYSE:MAC – Get Rating) by 698.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,460 shares of the real estate investment trust’s stock after acquiring an additional 10,025 shares during the quarter. CI Investments Inc.’s holdings in Macerich were worth $179,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Whittier Trust Co. increased its holdings in shares of Macerich by 201.1% in the first quarter. Whittier Trust Co. now owns 2,246 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,500 shares in the last quarter. Inspire Advisors LLC bought a new position in shares of Macerich during the first quarter worth about $158,000. Running Point Capital Advisors LLC bought a new position in shares of Macerich during the first quarter worth about $160,000. Raymond James & Associates bought a new position in shares of Macerich during the fourth quarter worth about $193,000. Finally, Cornerstone Investment Partners LLC bought a new position in shares of Macerich during the first quarter worth about $180,000. 83.33% of the stock is currently owned by institutional investors.
In related news, CEO Hern Thomas E. O acquired 25,000 shares of the stock in a transaction on Monday, June 13th. The stock was acquired at an average cost of $9.49 per share, for a total transaction of $237,250.00. Following the completion of the acquisition, the chief executive officer now directly owns 162,880 shares of the company’s stock, valued at approximately $1,545,731.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Macerich news, President Edward C. Coppola acquired 60,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was purchased at an average price of $8.75 per share, with a total value of $525,000.00. Following the transaction, the president now directly owns 575,739 shares in the company, valued at approximately $5,037,716.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Hern Thomas E. O acquired 25,000 shares of the business’s stock in a transaction dated Monday, June 13th. The shares were acquired at an average cost of $9.49 per share, with a total value of $237,250.00. Following the transaction, the chief executive officer now owns 162,880 shares in the company, valued at $1,545,731.20. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 125,000 shares of company stock valued at $1,173,450. 1.77% of the stock is currently owned by insiders.
Macerich Trading Down 1.6 %
NYSE:MAC opened at $9.26 on Wednesday. The company has a market cap of $1.99 billion, a P/E ratio of 51.44, a P/E/G ratio of 1.67 and a beta of 1.96. The stock’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $12.18. The Macerich Company has a 1 year low of $8.42 and a 1 year high of $22.88. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 1.21.
Macerich Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 8th. Investors of record on Friday, August 19th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 6.48%. Macerich’s dividend payout ratio is presently 333.33%.
Analyst Ratings Changes
Several brokerages recently commented on MAC. Deutsche Bank Aktiengesellschaft reduced their price target on Macerich from $23.00 to $17.00 in a research report on Monday, July 18th. Mizuho dropped their price target on Macerich from $18.00 to $10.00 and set an “underperform” rating for the company in a report on Wednesday, August 3rd. StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. Piper Sandler decreased their price target on Macerich to $9.00 in a research note on Monday, July 4th. Finally, Compass Point reduced their price objective on Macerich from $27.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. Seven analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued 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 $13.45.
Macerich 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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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