Zurcher Kantonalbank Zurich Cantonalbank Sells 1,945 Shares of The Macerich Company (NYSE:MAC)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in The Macerich Company (NYSE:MAC) by 2.0% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 94,073 shares of the real estate investment trust’s stock after selling 1,945 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Macerich were worth $1,716,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Smead Capital Management Inc. boosted its position in Macerich by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock valued at $372,706,000 after buying an additional 688,790 shares during the last quarter. FMR LLC boosted its position in Macerich by 12,475.9% in the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after buying an additional 11,679,276 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Macerich by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,801,369 shares of the real estate investment trust’s stock valued at $87,577,000 after buying an additional 113,128 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Macerich by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,217,373 shares of the real estate investment trust’s stock worth $49,675,000 after purchasing an additional 126,192 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Macerich by 1.1% in the 3rd quarter. Fisher Asset Management LLC now owns 2,995,741 shares of the real estate investment trust’s stock worth $54,642,000 after purchasing an additional 31,586 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors.

Macerich Stock Performance

MAC opened at $21.48 on Thursday. The business’s 50-day moving average price is $18.92 and its two-hundred day moving average price is $16.64. The Macerich Company has a 1 year low of $12.25 and a 1 year high of $21.71. The company has a market capitalization of $5.34 billion, a price-to-earnings ratio of 55.08, a P/E/G ratio of 0.72 and a beta of 2.51. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $208.54 million. During the same period in the prior year, the business earned $0.44 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts expect that The Macerich Company will post 1.58 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Tuesday, November 12th. Macerich’s dividend payout ratio is 174.36%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MAC. Mizuho upgraded Macerich from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $14.00 to $22.00 in a research report on Wednesday. Evercore ISI raised their price target on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 28th. Piper Sandler raised their price target on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 3rd. Bank of America raised their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Finally, The Goldman Sachs Group raised their price target on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.29.

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.