Janney Montgomery Scott LLC Grows Position in The Macerich Company (NYSE:MAC)

Janney Montgomery Scott LLC lifted its holdings in The Macerich Company (NYSE:MAC) by 15.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 55,118 shares of the real estate investment trust’s stock after purchasing an additional 7,314 shares during the period. Janney Montgomery Scott LLC’s holdings in Macerich were worth $1,098,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Perpetual Ltd boosted its holdings in shares of Macerich by 24.3% during the 4th quarter. Perpetual Ltd now owns 55,356 shares of the real estate investment trust’s stock worth $1,103,000 after purchasing an additional 10,830 shares during the last quarter. Friedenthal Financial purchased a new position in shares of Macerich during the 4th quarter worth $771,000. GAMMA Investing LLC boosted its position 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 during the last quarter. Geode Capital Management LLC grew its holdings in shares of Macerich by 0.6% in the third quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock valued at $99,004,000 after purchasing an additional 34,982 shares during the period. Finally, Vestcor Inc increased its position in Macerich by 91.4% during the third quarter. Vestcor Inc now owns 193,777 shares of the real estate investment trust’s stock worth $3,534,000 after purchasing an additional 92,551 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on MAC. Bank of America increased their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Compass Point raised their target price on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Scotiabank raised Macerich from a “sector underperform” rating to a “sector perform” rating and set a $22.00 price target on the stock in a research note on Tuesday, December 17th. Piper Sandler raised their price objective on Macerich from $14.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley raised shares of Macerich from an “underweight” rating to an “equal weight” rating and set a $20.00 target price on the stock in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Macerich has a consensus rating of “Hold” and a consensus target price of $19.30.

Macerich Price Performance

Shares of MAC opened at $20.71 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The company has a market cap of $5.15 billion, a P/E ratio of 53.09, a PEG ratio of 0.72 and a beta of 2.50. The firm’s 50 day moving average price is $20.51 and its 200 day moving average price is $18.36.

Macerich (NYSE:MAC) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. On average, research analysts forecast that The Macerich Company will post 1.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the transaction, the director now owns 83,479 shares of the company’s stock, valued at $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

About Macerich

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.