Hanover Advisors Makes $314,000 Investment in The Macerich Company

In the fourth quarter, Hanover Advisors Inc. acquired a new position in shares of The Macerich Company (NYSE:MAC). This information was reported in the firm’s latest Form 13F filing with the Securities and Exchange Commission. Hanover Advisors purchased 15,742 shares of the real estate investment trust, with an estimated value of approximately $314,000.

Recently, several other institutional investors and hedge funds have also adjusted their stakes in Macerich. Smead Capital Management Inc. increased its holding in Macerich by 3.5% during the third quarter, acquiring 688,790 additional shares. This brings their total ownership to 20,433,449 shares, worth about $372.7 million. Similarly, FMR LLC made a significant leap, increasing its stake by an astounding 12,475.9%. They now own 11,772,891 shares valued at around $214.7 million after purchasing 11,679,276 shares last quarter.

Geode Capital Management LLC also raised its stake in Macerich by 0.6%, resulting in ownership of 5,426,909 shares worth approximately $99 million. Furthermore, Charles Schwab Investment Management Inc. improved its stake by 2.4%, bringing their total to 4,801,369 shares valued at $87.6 million. In the fourth quarter, Fisher Asset Management LLC increased its holdings by 10%, adding 299,812 shares for a total of 3,295,553 shares with a value of about $65.6 million. Overall, institutional investors and hedge funds control 87.38% of Macerich's stock.

Insider Activity at Macerich

In related developments, Director Andrea M. Stephen sold 63,289 shares of Macerich on December 26. The shares were sold at an average price of $20.59, totaling approximately $1.3 million. After this transaction, the director holds 83,479 shares valued at around $1.7 million, indicating a substantial decrease of 43.12% in their ownership percentage. This sale was disclosed in a filing with the SEC, where 0.53% of the shares are currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently provided their insights regarding Macerich. Mizuho upgraded its rating from "underperform" to "neutral" and raised the price target from $14.00 to $22.00. Scotiabank also upgraded Macerich from "sector underperform" to "sector perform" and set a target price of $22.00. Meanwhile, Morgan Stanley shifted its rating from "underweight" to "equal weight" while setting a $20.00 target price. In their analysis, Jefferies Financial Group has improved their rating from "hold" to "buy," with a new price target set at $23.00. Additionally, Deutsche Bank initiated coverage with a "hold" rating and a target price of $22.00. Currently, three analysts have given a sell rating, while eight analysts have assigned a hold rating, and two analysts have rated the stock as a buy. According to MarketBeat.com, the consensus rating for Macerich is "Hold," with an average price target of $19.22.

Macerich Stock Performance

On Friday, MAC stock opened at $18.04. The 50-day simple moving average of the business is $20.21, and the 200-day simple moving average is $18.86. Over the past year, Macerich has experienced a low of $12.99 and a high of $22.27. The company has a market capitalization of $4.48 billion, a PE ratio of 46.24, a PEG ratio of 0.71, and a beta of 2.50. Furthermore, Macerich maintains a debt-to-equity ratio of 1.68, along with a current and quick ratio of 0.92.

Macerich Dividend Announcement

The company recently announced a quarterly dividend of $0.17, which is scheduled to be paid on March 18. Shareholders on record as of March 4 will receive this dividend, translating to an annualized rate of $0.68, yielding 3.77%. The ex-dividend date will also be March 4, and Macerich's current payout ratio stands at -86.08%.

Macerich Profile

The Macerich Company is a fully integrated, self-managed, and self-administered real estate investment trust (REIT). It is a prominent owner, operator, and developer of premium retail real estate across top U.S. markets, especially in California, the Pacific Northwest, Phoenix/Scottsdale, and the New York to Washington, DC corridor.

Investing, Finance, REIT