Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in The Macerich Company (NYSE:MAC)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in The Macerich Company (NYSE:MAC) by 55.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,348 shares of the real estate investment trust’s stock after purchasing an additional 52,275 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Macerich worth $2,915,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MAC. FMR LLC increased its stake in shares of 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 worth $214,738,000 after purchasing an additional 11,679,276 shares in the last quarter. Bamco Inc. NY increased its stake in Macerich by 742.3% in the 3rd quarter. Bamco Inc. NY now owns 1,695,420 shares of the real estate investment trust’s stock worth $30,924,000 after buying an additional 1,494,145 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Macerich by 399.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,546,373 shares of the real estate investment trust’s stock worth $28,206,000 after buying an additional 1,236,983 shares in the last quarter. Smead Capital Management Inc. increased its stake 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 worth $372,706,000 after buying an additional 688,790 shares in the last quarter. Finally, Brookfield Corp ON purchased a new stake in Macerich in the 3rd quarter worth $9,217,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Macerich

In related news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the sale, the director now owns 83,479 shares in the company, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MAC shares. Piper Sandler cut their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group cut their price target on Macerich from $16.70 to $14.40 and set a “sell” rating for the company in a research note on Monday, March 10th. Jefferies Financial Group upgraded Macerich from a “hold” rating to a “buy” rating and increased their price target for the stock from $19.00 to $23.00 in a research note on Thursday, January 2nd. Scotiabank dropped their price objective on shares of Macerich from $22.00 to $21.00 and set a “sector perform” rating for the company in a report on Thursday, March 6th. Finally, Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $14.00 to $22.00 in a report on Wednesday, December 4th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.03.

Macerich Stock Up 1.6 %

Shares of MAC opened at $16.47 on Friday. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 42.22, a price-to-earnings-growth ratio of 0.71 and a beta of 2.62. The Macerich Company has a 1 year low of $12.99 and a 1 year high of $22.27. The business’s 50 day simple moving average is $19.54 and its 200-day simple moving average is $19.05. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Tuesday, March 4th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $0.68 annualized dividend and a yield of 4.13%. Macerich’s payout ratio is presently -86.08%.

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.