Summit Financial LLC Acquires Shares of 27,547 The Macerich Company (NYSE:MAC)

Summit Financial LLC bought a new position in shares of The Macerich Company (NYSE:MAC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 27,547 shares of the real estate investment trust’s stock, valued at approximately $549,000.

Several other institutional investors and hedge funds have also made changes to their positions in MAC. CIBC Private Wealth Group LLC lifted its holdings in Macerich by 9.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,787 shares of the real estate investment trust’s stock worth $118,000 after buying an additional 512 shares in the last quarter. M&T Bank Corp lifted its stake in shares of Macerich by 2.8% in the fourth quarter. M&T Bank Corp now owns 20,228 shares of the real estate investment trust’s stock worth $403,000 after acquiring an additional 543 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in Macerich by 5.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock valued at $244,000 after purchasing an additional 665 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Macerich by 0.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock valued at $5,029,000 after purchasing an additional 700 shares during the last quarter. Finally, Townsquare Capital LLC increased its holdings in Macerich by 7.2% during the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 902 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Price Performance

NYSE MAC opened at $17.73 on Thursday. The company has a 50-day moving average price of $18.88 and a two-hundred day moving average price of $19.20. The Macerich Company has a 52 week low of $12.99 and a 52 week high of $22.27. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 45.46, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Tuesday, March 4th. Macerich’s dividend payout ratio (DPR) is -86.08%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MAC shares. Morgan Stanley dropped their price target on shares of Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research note on Tuesday. The Goldman Sachs Group cut their target price 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. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $14.00 to $22.00 in a research note on Wednesday, December 4th. Scotiabank cut their price objective on Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 6th. Finally, Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and lifted their target price for the stock from $19.00 to $23.00 in a research report on Thursday, January 2nd. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.37.

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.