The Macerich Company (NYSE:MAC) Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in shares of The Macerich Company (NYSE:MAC) by 20.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 136,964 shares of the real estate investment trust’s stock after buying an additional 23,310 shares during the period. New York State Common Retirement Fund owned approximately 0.06% of Macerich worth $2,113,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MAC. Signaturefd LLC raised its stake in Macerich by 152.4% during the 4th quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 1,308 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of 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 period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Macerich by 7.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,648 shares of the real estate investment trust’s stock valued at $1,368,000 after buying an additional 6,109 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Macerich by 5.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 254,100 shares of the real estate investment trust’s stock valued at $3,921,000 after buying an additional 13,420 shares during the period. Finally, Phocas Financial Corp. increased its stake in Macerich by 52.1% in the 4th quarter. Phocas Financial Corp. now owns 412,418 shares of the real estate investment trust’s stock valued at $6,364,000 after buying an additional 141,356 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Truist Financial reaffirmed a “hold” rating and issued a $16.00 target price on shares of Macerich in a report on Monday, March 25th. Compass Point dropped their target price on Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Mizuho cut their target price on Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a research note on Wednesday, May 1st. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Finally, The Goldman Sachs Group increased their price objective on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research report on Thursday, January 11th. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.83.

Insider Buying and Selling at Macerich

In other Macerich news, President Edward C. Coppola sold 50,000 shares of the company’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 sale, the president now owns 655,667 shares of the company’s stock, valued at $11,277,472.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jackson Hsieh acquired 140,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were acquired at an average price of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the purchase, the chief executive officer now directly owns 170,500 shares in the company, valued at $2,431,330. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 172,964 shares of company stock worth $2,940,030. 0.53% of the stock is owned by corporate insiders.

Macerich Price Performance

Shares of NYSE:MAC opened at $15.24 on Wednesday. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -9.77, a price-to-earnings-growth ratio of 1.64 and a beta of 2.38. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95. The business’s 50 day simple moving average is $15.99 and its 200-day simple moving average is $14.75. 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). Macerich had a negative return on equity of 13.42% and a negative net margin of 38.96%. The firm had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. During the same quarter in the previous year, the firm posted $0.53 earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, equities analysts forecast that The Macerich Company will post 1.77 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a $0.17 dividend. The ex-dividend date is Friday, May 17th. This represents a $0.68 dividend on an annualized basis and a yield of 4.46%. Macerich’s payout ratio is -43.59%.

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.