BNP Paribas Financial Markets Sells 85,394 Shares of The Macerich Company (NYSE:MAC)

BNP Paribas Financial Markets reduced its position in The Macerich Company (NYSE:MAC) by 40.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 123,375 shares of the real estate investment trust’s stock after selling 85,394 shares during the period. BNP Paribas Financial Markets’ holdings in Macerich were worth $1,904,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MAC. Raymond James & Associates boosted its holdings in Macerich by 36.5% in the 3rd quarter. Raymond James & Associates now owns 24,651 shares of the real estate investment trust’s stock worth $269,000 after buying an additional 6,588 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of Macerich by 1.7% in the third quarter. Nomura Asset Management Co. Ltd. now owns 246,331 shares of the real estate investment trust’s stock worth $2,687,000 after acquiring an additional 4,100 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Macerich by 56.0% during the third quarter. Illinois Municipal Retirement Fund now owns 342,541 shares of the real estate investment trust’s stock worth $3,737,000 after purchasing an additional 122,947 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Macerich during the 3rd quarter valued at approximately $36,000. Finally, Atria Investments Inc purchased a new position in Macerich in the 3rd quarter worth approximately $1,162,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Kenneth Volk acquired 5,000 shares of the stock in a transaction on Friday, May 10th. The stock was bought at an average cost of $15.40 per share, with a total value of $77,000.00. Following the transaction, the executive vice president now directly owns 51,924 shares in the company, valued at $799,629.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Jackson Hsieh purchased 140,000 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were purchased at an average price of $14.26 per share, for a total transaction of $1,996,400.00. Following the completion of the purchase, the chief executive officer now owns 170,500 shares in the company, valued at approximately $2,431,330. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kenneth Volk acquired 5,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average cost of $15.40 per share, with a total value of $77,000.00. Following the completion of the purchase, the executive vice president now owns 51,924 shares of the company’s stock, valued at $799,629.60. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 163,365 shares of company stock valued at $2,358,681 and have sold 122,964 shares valued at $2,080,030. 0.53% of the stock is currently owned by insiders.

Macerich Stock Performance

Macerich stock opened at $14.96 on Friday. The Macerich Company has a 1-year low of $9.05 and a 1-year high of $17.69. The company’s 50-day moving average is $15.81 and its 200 day moving average is $15.21. The firm has a market capitalization of $3.23 billion, a P/E ratio of -9.59, a price-to-earnings-growth ratio of 3.07 and a beta of 2.38. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

Macerich Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date is Friday, May 17th. Macerich’s payout ratio is presently -43.59%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MAC shares. StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and raised their target price for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Piper Sandler cut shares of Macerich from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $17.00 to $11.00 in a research note on Wednesday, May 1st. Compass Point cut their price objective on Macerich from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. Finally, Truist Financial reissued a “hold” rating and set a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $14.71.

Macerich 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.