Hanover Advisors Inc. Purchases Shares of 15,742 The Macerich Company (NYSE:MAC)

Hanover Advisors Inc. purchased a new stake in The Macerich Company (NYSE:MAC) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 15,742 shares of the real estate investment trust’s stock, valued at approximately $314,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Macerich by 152.2% during the third quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 933 shares during the period. GAMMA Investing LLC raised its position in shares of Macerich by 36.5% during the fourth quarter. GAMMA Investing LLC now owns 4,388 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 1,174 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Macerich during the fourth quarter worth approximately $99,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Macerich by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2,161 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Macerich during the fourth quarter worth approximately $212,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MAC has been the topic of a number of research reports. Morgan Stanley raised 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. Piper Sandler decreased their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a report on Friday. Compass Point upped their price target on Macerich from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Finally, Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.22.

Macerich Stock Down 1.6 %

MAC stock opened at $18.04 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 0.71 and a beta of 2.50. The Macerich Company has a fifty-two week low of $12.99 and a fifty-two week high of $22.27. The stock has a fifty day moving average of $20.21 and a 200-day moving average of $18.86.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.17 per share. The ex-dividend date is Tuesday, March 4th. This represents a $0.68 annualized dividend and a dividend yield of 3.77%. Macerich’s payout ratio is -86.08%.

Insider Buying and Selling

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

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.