Strs Ohio Lowers Position in The Macerich Company (NYSE:MAC)

Strs Ohio lessened its holdings in The Macerich Company (NYSE:MAC) by 3.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 44,100 shares of the real estate investment trust’s stock after selling 1,600 shares during the period. Strs Ohio’s holdings in Macerich were worth $680,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MAC. International Assets Investment Management LLC raised its position in shares of Macerich by 1,460.3% in the fourth quarter. International Assets Investment Management LLC now owns 324,502 shares of the real estate investment trust’s stock worth $5,007,000 after buying an additional 303,704 shares in the last quarter. Phocas Financial Corp. raised its position in Macerich by 52.1% during the fourth quarter. Phocas Financial Corp. now owns 412,418 shares of the real estate investment trust’s stock valued at $6,364,000 after purchasing an additional 141,356 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in 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 valued at $3,737,000 after purchasing an additional 122,947 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Macerich during the fourth quarter valued at about $1,663,000. Finally, Atria Investments Inc purchased a new stake in Macerich during the third quarter valued at about $1,162,000. Hedge funds and other institutional investors own 87.38% of the company’s stock.

Macerich Stock Down 1.6 %

MAC opened at $15.39 on Friday. The company has a market cap of $3.32 billion, a P/E ratio of -12.12, a P/E/G ratio of 1.81 and a beta of 2.33. The business’s 50-day moving average price is $16.40 and its 200-day moving average price is $14.48. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.67. The Macerich Company has a 12 month low of $9.05 and a 12 month high of $17.69.

Macerich (NYSE:MAC) last released its quarterly earnings data on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS 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 return on equity of 10.26% and a negative net margin of 31.00%. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 EPS. On average, equities analysts expect that The Macerich Company will post 1.8 EPS 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 paid a $0.17 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.68 annualized dividend and a dividend yield of 4.42%. Macerich’s payout ratio is presently -53.54%.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, Director Edward C. Coppola sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total value of $340,200.00. Following the sale, the director now directly owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Macerich news, Director Edward C. Coppola sold 20,000 shares of Macerich stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $17.01, for a total transaction of $340,200.00. Following the sale, the director now directly owns 635,667 shares of the company’s stock, valued at approximately $10,812,695.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Edward C. Coppola sold 50,000 shares of Macerich stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $17.20, for a total value of $860,000.00. Following the sale, the president now directly owns 655,667 shares in the company, valued at $11,277,472.40. The disclosure for this sale can be found here. Insiders have sold 172,964 shares of company stock valued at $2,940,030 over the last ninety days. 0.57% of the stock is owned by insiders.

About Macerich

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.