GAMMA Investing LLC Acquires Shares of 5,724 The Macerich Company (NYSE:MAC)

GAMMA Investing LLC acquired a new stake in shares of The Macerich Company (NYSE:MAC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,724 shares of the real estate investment trust’s stock, valued at approximately $90,000.

A number of other hedge funds have also recently made changes to their positions in the stock. New York State Common Retirement Fund grew its holdings in shares of Macerich by 20.5% in the fourth quarter. New York State Common Retirement Fund now owns 136,964 shares of the real estate investment trust’s stock worth $2,113,000 after purchasing an additional 23,310 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Macerich by 152.4% in the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 1,308 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Macerich by 11.0% in the fourth quarter. Federated Hermes Inc. now owns 825,297 shares of the real estate investment trust’s stock worth $12,734,000 after purchasing an additional 82,113 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Macerich by 7.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,648 shares of the real estate investment trust’s stock worth $1,368,000 after purchasing an additional 6,109 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Macerich by 5.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 254,100 shares of the real estate investment trust’s stock worth $3,921,000 after purchasing an additional 13,420 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MAC. The Goldman Sachs Group upped their price target on shares of Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday. Truist Financial reiterated a “hold” rating and set a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Finally, Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and increased their target price for the stock from $8.00 to $17.00 in a report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.40.

Macerich Price Performance

Shares of Macerich stock opened at $16.01 on Tuesday. 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 Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69. The firm’s 50-day moving average is $16.33 and its two-hundred day moving average is $14.58.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate 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 net margin of 31.00% and a negative return on equity of 10.26%. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, sell-side analysts anticipate that The Macerich Company will post 1.8 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s payout ratio is -53.54%.

Insider Buying and Selling at Macerich

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