Van ECK Associates Corp Has $99,000 Stake in The Macerich Company (NYSE:MAC)

Van ECK Associates Corp trimmed its position in The Macerich Company (NYSE:MAC – Get Rating) by 36.5% during the third quarter, HoldingsChannel.com reports. The fund owned 12,416 shares of the real estate investment trust’s stock after selling 7,122 shares during the quarter. Van ECK Associates Corp’s holdings in Macerich were worth $99,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. State Street Corp increased its stake in Macerich by 0.3% in the second quarter. State Street Corp now owns 12,947,160 shares of the real estate investment trust’s stock valued at $112,770,000 after acquiring an additional 43,116 shares during the last quarter. Prudential Financial Inc. increased its stake in Macerich by 1,536.8% in the first quarter. Prudential Financial Inc. now owns 4,783,022 shares of the real estate investment trust’s stock valued at $74,806,000 after acquiring an additional 4,490,809 shares during the last quarter. Letko Brosseau & Associates Inc. increased its stake in Macerich by 13.9% in the second quarter. Letko Brosseau & Associates Inc. now owns 3,458,120 shares of the real estate investment trust’s stock valued at $30,120,000 after acquiring an additional 421,025 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Macerich by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,811,265 shares of the real estate investment trust’s stock valued at $43,969,000 after acquiring an additional 76,691 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Macerich by 103.8% during the second quarter. AQR Capital Management LLC now owns 2,766,340 shares of the real estate investment trust’s stock worth $23,542,000 after buying an additional 1,409,191 shares during the last quarter. 80.81% of the stock is owned by institutional investors.

Macerich Price Performance

Shares of NYSE MAC opened at $12.14 on Friday. The firm’s 50-day moving average price is $12.24 and its 200-day moving average price is $10.65. The Macerich Company has a 1-year low of $7.40 and a 1-year high of $17.63. The firm has a market capitalization of $2.61 billion, a P/E ratio of -31.13, a P/E/G ratio of 2.52 and a beta of 2.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.46.

Macerich Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 2nd. Stockholders of record on Wednesday, November 9th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, November 8th. This represents a $0.68 annualized dividend and a dividend yield of 5.60%. This is a positive change from Macerich’s previous quarterly dividend of $0.15. Macerich’s dividend payout ratio is currently -174.36%.

Analyst Ratings Changes

A number of equities analysts have recently commented on MAC shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Macerich from $13.00 to $16.00 in a report on Monday, December 5th. Mizuho boosted their target price on shares of Macerich from $10.00 to $11.00 in a report on Friday, December 2nd. Truist Financial boosted their target price on shares of Macerich from $13.00 to $15.00 in a report on Friday, December 16th. Piper Sandler boosted their target price on shares of Macerich to $9.00 in a report on Wednesday, November 16th. Finally, StockNews.com began coverage on shares of Macerich in a report on Wednesday, October 12th. They issued a “sell” rating on the stock. Six research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Macerich currently has a consensus rating of “Hold” and a consensus target price of $12.65.

Insider Transactions at Macerich

In other news, CAO Christopher J. Zecchini sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 29th. The shares were sold at an average price of $12.65, for a total transaction of $25,300.00. Following the completion of the sale, the chief accounting officer now directly owns 7,458 shares of the company’s stock, valued at $94,343.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.77% of the stock is currently owned by insiders.

Macerich Company Profile

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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.