JPMorgan Chase & Co. Raises Position in The Macerich Company (NYSE:MAC)

JPMorgan Chase & Co. lifted its stake in The Macerich Company (NYSE:MAC) by 77.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,812,987 shares of the real estate investment trust’s stock after purchasing an additional 1,667,066 shares during the period. JPMorgan Chase & Co.’s holdings in Macerich were worth $75,955,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. M&T Bank Corp raised 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 buying an additional 543 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in Macerich by 5.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 12,234 shares of the real estate investment trust’s stock worth $244,000 after acquiring an additional 665 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Macerich by 0.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 275,731 shares of the real estate investment trust’s stock worth $5,029,000 after acquiring an additional 700 shares during the period. Townsquare Capital LLC raised its stake 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 acquiring an additional 902 shares during the period. Finally, Custom Index Systems LLC lifted its holdings in Macerich by 8.7% during the fourth quarter. Custom Index Systems LLC now owns 11,630 shares of the real estate investment trust’s stock valued at $232,000 after purchasing an additional 928 shares in the last quarter. 87.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MAC shares. Truist Financial decreased their price objective on shares of Macerich from $23.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and boosted their price objective for the company from $19.00 to $23.00 in a research report on Thursday, January 2nd. Morgan Stanley cut their target price on Macerich from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday. Piper Sandler lowered their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Macerich from $22.00 to $18.00 and set an “underweight” rating for the company in a report on Monday, March 10th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.37.

Macerich Stock Performance

Macerich stock opened at $15.62 on Friday. The company’s 50-day moving average price is $18.79 and its 200-day moving average price is $19.18. 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 company has a market cap of $3.94 billion, a PE ratio of 40.04, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. The Macerich Company has a twelve month low of $12.99 and a twelve month high of $22.27.

Macerich Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $0.68 dividend on an annualized basis and a yield of 4.35%. Macerich’s dividend payout ratio (DPR) is presently -86.08%.

Macerich 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.