Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in The Macerich Company (NYSE:MAC)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in The Macerich Company (NYSE:MAC) by 55.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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’s holdings in Macerich were worth $2,915,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Smead Capital Management Inc. increased its stake in Macerich by 3.5% in the third quarter. Smead Capital Management Inc. now owns 20,433,449 shares of the real estate investment trust’s stock worth $372,706,000 after purchasing an additional 688,790 shares during the period. FMR LLC increased its stake in Macerich by 12,475.9% in the third 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 during the period. Geode Capital Management LLC increased its stake in Macerich by 0.6% in the third quarter. Geode Capital Management LLC now owns 5,426,909 shares of the real estate investment trust’s stock worth $99,004,000 after purchasing an additional 34,982 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Macerich by 7.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,171,300 shares of the real estate investment trust’s stock worth $103,012,000 after purchasing an additional 369,931 shares during the period. Finally, Fisher Asset Management LLC increased its stake in Macerich by 10.0% in the fourth quarter. Fisher Asset Management LLC now owns 3,295,553 shares of the real estate investment trust’s stock worth $65,647,000 after purchasing an additional 299,812 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Price Performance

Shares of MAC stock opened at $16.47 on Friday. The Macerich Company has a 1-year low of $12.99 and a 1-year high of $22.27. The stock’s 50-day moving average is $19.54 and its 200 day moving average is $19.05. The company has a market cap of $4.16 billion, a P/E ratio of 42.22, a PEG ratio of 0.71 and a beta of 2.62. 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 4th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend is Tuesday, March 4th. Macerich’s dividend payout ratio (DPR) is presently -86.08%.

Insider Buying and Selling at Macerich

In other Macerich news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $20.59, for a total value of $1,303,120.51. Following the completion of the sale, the director now directly owns 83,479 shares in the company, valued at approximately $1,718,832.61. This trade represents a 43.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MAC. JPMorgan Chase & Co. reduced their target price on Macerich from $22.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, March 10th. Piper Sandler dropped their price target on Macerich from $17.00 to $16.00 and set an “underweight” rating on the stock in a research report on Friday, February 28th. Scotiabank dropped their price target on Macerich from $22.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Thursday, March 6th. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $14.00 to $22.00 in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group dropped their price target on Macerich from $16.70 to $14.40 and set a “sell” rating on the stock in a research report on Monday, March 10th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.03.

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.