Pictet Asset Management SA Boosts Stock Position in The Macerich Company (NYSE:MAC)

Pictet Asset Management SA grew its stake in The Macerich Company (NYSE:MACGet Rating) by 7.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 89,588 shares of the real estate investment trust’s stock after purchasing an additional 6,501 shares during the period. Pictet Asset Management SA’s holdings in Macerich were worth $780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in MAC. Comerica Bank grew its position in shares of Macerich by 0.8% in the first quarter. Comerica Bank now owns 100,737 shares of the real estate investment trust’s stock valued at $1,460,000 after purchasing an additional 825 shares in the last quarter. Mutual of America Capital Management LLC grew its position in shares of Macerich by 2.0% in the first quarter. Mutual of America Capital Management LLC now owns 194,287 shares of the real estate investment trust’s stock valued at $3,039,000 after purchasing an additional 3,725 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of Macerich by 24.4% in the first quarter. State of New Jersey Common Pension Fund D now owns 165,284 shares of the real estate investment trust’s stock valued at $2,585,000 after purchasing an additional 32,426 shares in the last quarter. abrdn plc grew its position in shares of Macerich by 3.2% in the first quarter. abrdn plc now owns 47,451 shares of the real estate investment trust’s stock valued at $761,000 after purchasing an additional 1,491 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Macerich by 20.4% in the first quarter. Envestnet Asset Management Inc. now owns 430,304 shares of the real estate investment trust’s stock valued at $6,730,000 after purchasing an additional 72,855 shares in the last quarter. 83.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MAC shares. Mizuho lowered their price objective on Macerich from $18.00 to $10.00 and set an “underperform” rating for the company in a research report on Wednesday, August 3rd. StockNews.com started coverage on Macerich in a research report on Wednesday, October 12th. They issued a “sell” rating for the company. Evercore ISI lowered their price objective on Macerich from $13.00 to $11.00 and set an “in-line” rating for the company in a research report on Tuesday, September 27th. TheStreet upgraded Macerich from a “d+” rating to a “c-” rating in a research report on Thursday, November 17th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Macerich from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. Seven analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Macerich presently has a consensus rating of “Hold” and an average price target of $12.86.

Insider Activity

In related news, insider Ann C. Menard acquired 2,797 shares of Macerich stock in a transaction dated Monday, September 19th. The shares were acquired at an average cost of $8.94 per share, for a total transaction of $25,005.18. Following the completion of the purchase, the insider now owns 14,494 shares in the company, valued at $129,576.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Macerich news, insider Ann C. Menard purchased 2,797 shares of the business’s stock in a transaction on Monday, September 19th. The shares were bought at an average cost of $8.94 per share, for a total transaction of $25,005.18. Following the completion of the purchase, the insider now directly owns 14,494 shares in the company, valued at $129,576.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Edward C. Coppola purchased 50,000 shares of the business’s stock in a transaction on Friday, September 23rd. The stock was acquired at an average price of $7.98 per share, for a total transaction of $399,000.00. Following the completion of the purchase, the president now owns 625,739 shares of the company’s stock, valued at $4,993,397.22. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 104,617 shares of company stock worth $853,909. Corporate insiders own 1.77% of the company’s stock.

Macerich Stock Up 1.0 %

NYSE:MAC opened at $13.14 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.46. The stock’s fifty day moving average is $10.09 and its two-hundred day moving average is $10.27. The Macerich Company has a 52 week low of $7.40 and a 52 week high of $21.70. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -33.69, a price-to-earnings-growth ratio of 2.01 and a beta of 2.06.

Macerich Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Wednesday, November 9th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 5.18%. This is a boost from Macerich’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, November 8th. Macerich’s dividend payout ratio is -174.36%.

Macerich Profile

(Get Rating)

Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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Institutional Ownership by Quarter for Macerich (NYSE:MAC)

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