AXS Investments LLC Decreases Position in The Macerich Company (NYSE:MAC)

AXS Investments LLC lowered its stake in shares of The Macerich Company (NYSE:MAC) by 39.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,224 shares of the real estate investment trust’s stock after selling 67,357 shares during the period. AXS Investments LLC’s holdings in Macerich were worth $1,593,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Quest Partners LLC bought a new stake in shares of Macerich during the 4th quarter worth $41,000. Corient Private Wealth LLC lifted its holdings in shares of Macerich by 227.2% during the 4th quarter. Corient Private Wealth LLC now owns 43,584 shares of the real estate investment trust’s stock worth $673,000 after acquiring an additional 30,264 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Macerich by 7.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 19,322 shares of the real estate investment trust’s stock worth $298,000 after acquiring an additional 1,333 shares during the last quarter. Norges Bank bought a new stake in shares of Macerich during the 4th quarter worth $22,210,000. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Macerich by 18.5% during the 4th quarter. First Eagle Investment Management LLC now owns 210,261 shares of the real estate investment trust’s stock worth $3,244,000 after acquiring an additional 32,788 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Mizuho lowered their price target on shares of Macerich from $17.00 to $14.00 and set an “underperform” rating for the company in a research note on Wednesday, May 1st. Truist Financial reissued a “hold” rating and issued a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. StockNews.com downgraded shares of Macerich from a “hold” rating to a “sell” rating in a research note on Tuesday, April 30th. Scotiabank downgraded shares of Macerich from a “sector perform” rating to a “sector underperform” rating and lowered their price target for the stock from $16.00 to $14.00 in a research note on Friday, May 17th. Finally, Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $17.00 to $11.00 in a research report on Wednesday, May 1st. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Macerich has an average rating of “Hold” and a consensus target price of $14.71.

Insider Buying and Selling at Macerich

In other Macerich news, CEO Jackson Hsieh bought 140,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was 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 owns 170,500 shares of the company’s stock, valued at $2,431,330. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Jackson Hsieh bought 140,000 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average price of $14.26 per share, for a total transaction of $1,996,400.00. Following the completion of the acquisition, the chief executive officer now owns 170,500 shares of the company’s stock, valued at approximately $2,431,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hern Thomas E. O sold 95,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the completion of the sale, the director now owns 102,900 shares in the company, valued at approximately $1,743,126. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 163,365 shares of company stock valued at $2,358,681 and sold 122,964 shares valued at $2,080,030. Insiders own 0.53% of the company’s stock.

Macerich Trading Down 1.8 %

Shares of NYSE MAC traded down $0.28 during midday trading on Thursday, hitting $14.90. 2,297,021 shares of the company traded hands, compared to its average volume of 2,038,505. The firm has a market cap of $3.21 billion, a P/E ratio of -9.58, a P/E/G ratio of 3.22 and a beta of 2.38. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The Macerich Company has a 12-month low of $9.05 and a 12-month high of $17.69. The stock has a 50-day moving average price of $15.85 and a 200 day moving average price of $15.15.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders 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 4.56%. The ex-dividend date of this dividend is Friday, May 17th. Macerich’s dividend payout ratio is -43.59%.

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.