Sonora Investment Management Group LLC Acquires 3,059 Shares of The Macerich Company (NYSE:MAC)

Sonora Investment Management Group LLC increased its stake in The Macerich Company (NYSE:MAC) by 1.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 222,843 shares of the real estate investment trust’s stock after buying an additional 3,059 shares during the period. Sonora Investment Management Group LLC’s holdings in Macerich were worth $4,439,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Cubist Systematic Strategies LLC purchased a new stake in shares of Macerich during the 2nd quarter valued at about $892,000. Millennium Management LLC raised its stake in Macerich by 153.0% during the 2nd quarter. Millennium Management LLC now owns 791,903 shares of the real estate investment trust’s stock valued at $12,227,000 after buying an additional 478,930 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Macerich during the 2nd quarter valued at $287,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Macerich in the 2nd quarter worth $129,000. Finally, SG Americas Securities LLC purchased a new stake in Macerich during the third quarter valued at $4,797,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MAC. Piper Sandler boosted their target price on shares of Macerich from $14.00 to $17.00 and gave the company an “underweight” rating in a research report on Wednesday, December 11th. Mizuho raised Macerich from an “underperform” rating to a “neutral” rating and raised their price target for the company from $14.00 to $22.00 in a report on Wednesday, December 4th. Bank of America boosted their price objective on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Jefferies Financial Group raised Macerich from a “hold” rating to a “buy” rating and boosted their price target for the stock from $19.00 to $23.00 in a report on Thursday, January 2nd. Finally, StockNews.com lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.30.

Insider Buying and Selling

In related news, Director Andrea M. Stephen sold 63,289 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.59, for a total transaction of $1,303,120.51. Following the sale, the director now directly owns 83,479 shares of the company’s stock, valued at approximately $1,718,832.61. This represents a 43.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Macerich Price Performance

NYSE MAC opened at $20.85 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $5.18 billion, a P/E ratio of 53.45, a P/E/G ratio of 0.71 and a beta of 2.51. The Macerich Company has a 12-month low of $12.99 and a 12-month high of $22.27. The firm’s fifty day simple moving average is $20.51 and its two-hundred day simple moving average is $18.22.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). The business had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. Macerich’s revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.44 EPS. Analysts forecast that The Macerich Company will post 1.55 EPS for the current fiscal year.

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.