Illinois Municipal Retirement Fund Cuts Stock Holdings in The Macerich Company (NYSE:MAC)

Illinois Municipal Retirement Fund decreased its stake in shares of The Macerich Company (NYSE:MAC) by 66.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,423 shares of the real estate investment trust’s stock after selling 228,118 shares during the period. Illinois Municipal Retirement Fund owned about 0.05% of Macerich worth $1,766,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in Macerich by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,488,816 shares of the real estate investment trust’s stock worth $48,973,000 after acquiring an additional 31,445 shares during the period. Kennedy Capital Management LLC lifted its holdings in Macerich by 0.9% during the third quarter. Kennedy Capital Management LLC now owns 1,540,033 shares of the real estate investment trust’s stock worth $16,802,000 after acquiring an additional 14,131 shares during the period. AQR Capital Management LLC lifted its holdings in Macerich by 1.5% during the third quarter. AQR Capital Management LLC now owns 1,213,677 shares of the real estate investment trust’s stock worth $13,241,000 after acquiring an additional 18,325 shares during the period. Federated Hermes Inc. lifted its holdings in Macerich by 11.0% during the fourth quarter. Federated Hermes Inc. now owns 825,297 shares of the real estate investment trust’s stock worth $12,734,000 after acquiring an additional 82,113 shares during the period. Finally, Invesco Ltd. lifted its holdings in Macerich by 15.3% during the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after acquiring an additional 76,888 shares during the period. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Insider Buying and Selling

In related news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, President Edward C. Coppola sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $17.20, for a total transaction of $860,000.00. Following the completion of the transaction, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $16.39, for a total value of $130,529.96. Following the completion of the transaction, the director now owns 197,900 shares of the company’s stock, valued at $3,243,581. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock worth $2,940,030 over the last ninety days. 0.57% of the stock is owned by corporate insiders.

Macerich Stock Up 1.9 %

Shares of MAC opened at $15.68 on Friday. The stock’s fifty day moving average price is $16.36 and its two-hundred day moving average price is $14.49. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.95 and a current ratio of 0.95. The Macerich Company has a 1 year low of $9.05 and a 1 year high of $17.69.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative net margin of 31.00% and a negative return on equity of 10.26%. Macerich’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 earnings per share. As a group, equities research analysts anticipate that The Macerich Company will post 1.8 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Investors of record on Friday, February 16th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend was Thursday, February 15th. Macerich’s payout ratio is -53.54%.

Analyst Ratings Changes

A number of analysts recently commented on MAC shares. Truist Financial reiterated a “hold” rating and set a $16.00 price target on shares of Macerich in a report on Monday, March 25th. The Goldman Sachs Group boosted their target price on Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and boosted their target price for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, StockNews.com lowered Macerich from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.40.

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.