The Manufacturers Life Insurance Company Sells 16,871 Shares of The Macerich Company (NYSE:MAC)

The Manufacturers Life Insurance Company cut its position in The Macerich Company (NYSE:MAC) by 12.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,642 shares of the real estate investment trust’s stock after selling 16,871 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Macerich worth $1,894,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Millennium Management LLC increased its stake in Macerich by 153.0% in the second quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock valued at $12,227,000 after acquiring an additional 478,930 shares during the last quarter. DigitalBridge Group Inc. acquired a new stake in shares of Macerich in the 2nd quarter valued at $1,764,000. Caxton Associates LP increased its stake in shares of Macerich by 260.5% in the 2nd quarter. Caxton Associates LP now owns 98,823 shares of the real estate investment trust’s stock valued at $1,526,000 after purchasing an additional 71,410 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Macerich during the 2nd quarter worth $129,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Macerich during the 2nd quarter worth $892,000. Institutional investors own 87.38% of the company’s stock.

Macerich Price Performance

Shares of NYSE:MAC opened at $17.99 on Thursday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.86 and a current ratio of 0.86. The Macerich Company has a 52 week low of $9.21 and a 52 week high of $18.33. The firm has a market cap of $3.88 billion, a PE ratio of -11.53, a price-to-earnings-growth ratio of 0.58 and a beta of 2.50. The firm’s fifty day moving average is $16.09 and its 200-day moving average is $15.68.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Monday, August 19th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 3.78%. The ex-dividend date was Monday, August 19th. Macerich’s payout ratio is presently -43.59%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MAC. StockNews.com upgraded Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Piper Sandler lifted their price target on shares of Macerich from $11.00 to $14.00 and gave the company an “underweight” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group increased their price objective on shares of Macerich from $13.00 to $14.60 and gave the company a “sell” rating in a research note on Thursday, September 19th. Finally, Evercore ISI boosted their target price on shares of Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Macerich presently has a consensus rating of “Hold” and a consensus target price of $15.45.

Macerich Company 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.