Bamco Inc. NY Invests $4.40 Million in The Macerich Company (NYSE:MAC)

Bamco Inc. NY purchased a new stake in The Macerich Company (NYSE:MAC) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 255,558 shares of the real estate investment trust’s stock, valued at approximately $4,403,000. Bamco Inc. NY owned about 0.12% of Macerich at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MAC. Signaturefd LLC lifted its stake in shares of Macerich by 152.4% during the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,308 shares during the period. Quest Partners LLC acquired a new stake in Macerich during the 4th quarter valued at $41,000. Fidelis Capital Partners LLC acquired a new position in Macerich during the 1st quarter worth $46,000. GAMMA Investing LLC acquired a new position in Macerich during the 4th quarter worth $90,000. Finally, Bailard Inc. bought a new position in shares of Macerich in the 4th quarter worth about $159,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Jackson Hsieh acquired 140,000 shares of the stock in a transaction dated Monday, May 6th. The stock was bought 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 directly owns 170,500 shares of the company’s stock, valued at approximately $2,431,330. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Macerich news, EVP Doug J. Healey bought 7,500 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average cost of $15.20 per share, with a total value of $114,000.00. Following the transaction, the executive vice president now directly owns 78,487 shares in the company, valued at approximately $1,193,002.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jackson Hsieh bought 140,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average cost of $14.26 per share, with a total value of $1,996,400.00. Following the completion of the transaction, the chief executive officer now owns 170,500 shares in the company, valued at $2,431,330. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 163,365 shares of company stock valued at $2,358,681. 0.53% of the stock is currently owned by corporate insiders.

Macerich Price Performance

MAC stock traded up $0.01 during midday trading on Monday, reaching $16.24. The company had a trading volume of 222,398 shares, compared to its average volume of 1,904,865. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -10.40, a price-to-earnings-growth ratio of 0.53 and a beta of 2.51. The stock has a 50 day moving average price of $15.17 and a 200-day moving average price of $15.79. The Macerich Company has a 1-year low of $9.21 and a 1-year high of $17.69. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Monday, August 19th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.19%. The ex-dividend date is Monday, August 19th. Macerich’s payout ratio is -43.59%.

Analyst Ratings Changes

Several analysts recently weighed in on MAC shares. Compass Point cut their price objective on shares of Macerich from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. StockNews.com cut shares of Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Scotiabank cut shares of Macerich from a “sector perform” rating to a “sector underperform” rating and reduced their target price for the company from $16.00 to $14.00 in a research note on Friday, May 17th. The Goldman Sachs Group reduced their price objective on shares of Macerich from $14.00 to $12.50 and set a “sell” rating for the company in a research note on Monday, June 17th. Finally, Piper Sandler lowered shares of Macerich from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Five analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Macerich has an average rating of “Hold” and a consensus price target of $14.64.

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.