Zurcher Kantonalbank Zurich Cantonalbank Purchases 6,109 Shares of The Macerich Company (NYSE:MAC)

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

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

Insider Activity

In related news, Director Edward C. Coppola sold 20,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now owns 635,667 shares in the company, valued at $10,812,695.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Edward C. Coppola sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total value of $340,200.00. Following the transaction, the director now directly owns 635,667 shares in the company, valued at $10,812,695.67. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of Macerich stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now owns 102,900 shares of the company’s stock, valued at $1,743,126. The disclosure for this sale can be found here. Insiders sold 172,964 shares of company stock worth $2,940,030 in the last three months. Corporate insiders own 0.57% of the company’s stock.

Macerich Price Performance

Shares of NYSE MAC opened at $15.39 on Friday. The stock has a fifty day moving average of $16.40 and a 200-day moving average of $14.48. The stock has a market cap of $3.32 billion, a PE ratio of -12.12, a price-to-earnings-growth ratio of 1.81 and a beta of 2.33. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95. The Macerich Company has a fifty-two week low of $9.05 and a fifty-two week high of $17.69.

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

Macerich Dividend Announcement

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

Analyst Upgrades and Downgrades

MAC has been the subject of several research reports. Citigroup upgraded shares of Macerich from a “sell” rating to a “neutral” rating and increased their price target for the company from $8.00 to $17.00 in a research report on Friday, March 22nd. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. The Goldman Sachs Group upped their price objective on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Finally, Truist Financial reissued a “hold” rating and issued a $16.00 target price on shares of Macerich in a research report on Monday, March 25th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.40.

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.