First Eagle Investment Management LLC Raises Stock Holdings in The Macerich Company (NYSE:MAC)

First Eagle Investment Management LLC raised its position in shares of The Macerich Company (NYSE:MAC) by 44.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 419,661 shares of the real estate investment trust’s stock after buying an additional 128,500 shares during the period. First Eagle Investment Management LLC owned about 0.19% of Macerich worth $6,480,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MAC. Quest Partners LLC bought a new stake in shares of Macerich in the 4th quarter worth approximately $41,000. Fidelis Capital Partners LLC purchased a new stake in Macerich in the first quarter worth $46,000. Entropy Technologies LP bought a new stake in Macerich in the first quarter valued at $194,000. Inspire Advisors LLC purchased a new position in Macerich during the 2nd quarter valued at $177,000. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Macerich by 10.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 11,500 shares of the real estate investment trust’s stock worth $178,000 after purchasing an additional 1,132 shares in the last quarter. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

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

Macerich Stock Performance

Macerich stock opened at $17.65 on Friday. The Macerich Company has a twelve month low of $9.21 and a twelve month high of $17.73. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $3.81 billion, a P/E ratio of -11.31, a PEG ratio of 0.53 and a beta of 2.49. The stock’s 50 day moving average is $15.67 and its 200 day moving average is $15.56.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Monday, August 19th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.85%. Macerich’s dividend payout ratio is currently -43.59%.

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.