Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in The Macerich Company (NYSE:MAC)

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in The Macerich Company (NYSE:MAC) by 7.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,648 shares of the real estate investment trust’s stock after purchasing an additional 6,109 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Macerich were worth $1,368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new stake in Macerich during the 3rd quarter worth $36,000. Anchor Investment Management LLC purchased a new position in Macerich during the 4th quarter worth approximately $40,000. CWM LLC increased its position in Macerich by 51.0% during the third quarter. CWM LLC now owns 5,409 shares of the real estate investment trust’s stock worth $59,000 after buying an additional 1,826 shares during the period. Advisor Partners II LLC lifted its stake in Macerich by 32.8% in the third quarter. Advisor Partners II LLC now owns 13,547 shares of the real estate investment trust’s stock valued at $148,000 after buying an additional 3,346 shares during the last quarter. Finally, Independent Wealth Network Inc. acquired a new stake in shares of Macerich in the fourth quarter valued at approximately $171,000. Institutional investors and hedge funds own 87.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Truist Financial reaffirmed a “hold” rating and set a $16.00 price target on shares of Macerich in a report on Monday, March 25th. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group raised their target price on shares of Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research note on Thursday, January 11th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.40.

Macerich Price Performance

MAC stock opened at $15.39 on Friday. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -12.12, a PEG ratio of 1.81 and a beta of 2.33. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The firm has a 50 day moving average of $16.40 and a 200-day moving average of $14.48. The Macerich Company has a 12-month low of $9.05 and a 12-month high of $17.69.

Macerich (NYSE:MAC) last posted its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). The firm had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. As a group, equities analysts expect that The Macerich Company will post 1.8 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Stockholders of record on Friday, February 16th were issued a $0.17 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.42%. Macerich’s dividend payout ratio (DPR) is -53.54%.

Insider Activity

In other Macerich news, Director Hern Thomas E. O sold 7,964 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Edward C. Coppola sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the transaction, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Hern Thomas E. O sold 7,964 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the sale, the director now directly owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock worth $2,940,030 over the last three months. 0.57% of the stock is currently owned by corporate insiders.

About Macerich

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.