Public Employees Retirement System of Ohio Lowers Stock Position in Macerich Company (The) $MAC

Public Employees Retirement System of Ohio reduced its position in shares of Macerich Company (The) (NYSE:MAC) by 15.9% during the first quarter, Holdings Channel reports. The firm owned 297,627 shares of the real estate investment trust’s stock after selling 56,131 shares during the period. Public Employees Retirement System of Ohio’s holdings in Macerich were worth $5,625,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MAC. Triad Investment Management purchased a new position in Macerich in the fourth quarter worth $3,820,000. Centersquare Investment Management LLC increased its position in shares of Macerich by 149.6% during the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after purchasing an additional 3,808,336 shares during the last quarter. Norges Bank bought a new stake in shares of Macerich during the 4th quarter worth $66,924,000. M&T Bank Corp purchased a new position in shares of Macerich in the 4th quarter worth about $557,000. Finally, Legal & General Group Plc boosted its holdings in shares of Macerich by 9.8% in the 4th quarter. Legal & General Group Plc now owns 1,795,267 shares of the real estate investment trust’s stock worth $33,141,000 after buying an additional 160,748 shares during the last quarter. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Macerich Trading Up 1.5%

Shares of Macerich stock opened at $26.52 on Wednesday. Macerich Company has a 52-week low of $15.94 and a 52-week high of $26.68. The stock’s 50-day simple moving average is $24.39 and its 200 day simple moving average is $21.43. The stock has a market capitalization of $7.52 billion, a P/E ratio of -37.36, a P/E/G ratio of 1.84 and a beta of 2.06. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83.

Macerich (NYSE:MAC) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The firm had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business earned $0.33 earnings per share. As a group, research analysts anticipate that Macerich Company will post 1.49 EPS for the current year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, June 15th. Macerich’s dividend payout ratio is presently -95.77%.

Wall Street Analysts Forecast Growth

MAC has been the subject of several research reports. KeyCorp increased their price target on shares of Macerich from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. The Goldman Sachs Group boosted their target price on shares of Macerich from $17.00 to $19.00 and gave the company a “sell” rating in a research note on Friday, May 15th. Morgan Stanley increased their target price on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Thursday, June 18th. Piper Sandler raised their price target on shares of Macerich from $21.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. raised shares of Macerich from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $23.00 to $25.00 in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.33.

About Macerich

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.