Allianz Asset Management GmbH Sells 76,038 Shares of Macerich Company (The) $MAC

Allianz Asset Management GmbH lessened its stake in shares of Macerich Company (The) (NYSE:MAC) by 22.7% in the 3rd quarter, Holdings Channel reports. The firm owned 258,662 shares of the real estate investment trust’s stock after selling 76,038 shares during the period. Allianz Asset Management GmbH’s holdings in Macerich were worth $4,708,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Macerich by 14.8% in the third quarter. GAMMA Investing LLC now owns 5,371 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 691 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Macerich by 16.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 6,205 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 858 shares during the period. Archer Investment Corp grew its stake in Macerich by 25.9% in the 3rd quarter. Archer Investment Corp now owns 7,179 shares of the real estate investment trust’s stock worth $131,000 after acquiring an additional 1,479 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Macerich during the second quarter worth approximately $191,000. Finally, Inspire Advisors LLC increased its position in shares of Macerich by 14.4% during the second quarter. Inspire Advisors LLC now owns 11,858 shares of the real estate investment trust’s stock worth $192,000 after acquiring an additional 1,489 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Price Performance

Shares of MAC stock opened at $19.36 on Wednesday. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $20.99. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of -12.17, a PEG ratio of 4.23 and a beta of 2.16. The stock’s 50-day simple moving average is $18.50 and its 200-day simple moving average is $17.82.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MAC. Truist Financial increased their price objective on Macerich from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Mizuho set a $21.00 price target on Macerich in a research report on Friday, January 9th. Weiss Ratings restated a “sell (d+)” rating on shares of Macerich in a report on Thursday, January 22nd. Scotiabank upped their price objective on shares of Macerich from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 13th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $21.00 target price on shares of Macerich in a research report on Monday, December 15th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $19.76.

Macerich Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.