GAMMA Investing LLC Takes $90,000 Position in The Macerich Company (NYSE:MAC)

GAMMA Investing LLC acquired a new stake in shares of The Macerich Company (NYSE:MAC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 business. New York State Common Retirement Fund grew its holdings in shares of Macerich by 20.5% during the fourth quarter. New York State Common Retirement Fund now owns 136,964 shares of the real estate investment trust’s stock valued at $2,113,000 after buying an additional 23,310 shares during the last quarter. Signaturefd LLC boosted its holdings in Macerich by 152.4% during 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. boosted its holdings in Macerich by 11.0% during 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 boosted its holdings in Macerich by 7.4% during 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. boosted its holdings in Macerich by 5.6% during 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 and hedge funds.

Insider Activity at Macerich

In related news, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Edward C. Coppola sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction of $860,000.00. Following the sale, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward C. Coppola sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the completion of the sale, the director now owns 635,667 shares in the company, valued at $10,812,695.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 172,964 shares of company stock worth $2,940,030. 0.53% of the stock is owned by corporate insiders.

Macerich Price Performance

Macerich stock opened at $16.01 on Tuesday. The Macerich Company has a twelve month low of $9.05 and a twelve month high of $17.69. The firm has a 50 day moving average price of $16.33 and a 200-day moving average price of $14.58. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95.

Macerich (NYSE:MAC) last released 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). The company had revenue of $238.70 million for the quarter, compared to the consensus estimate of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. On average, sell-side analysts predict that The Macerich Company will post 1.8 EPS for the current year.

Macerich Dividend Announcement

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

Analysts Set New Price Targets

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

Macerich Company 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.