Retirement Systems of Alabama increased its stake in shares of Macerich Co (NYSE:MAC) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,297 shares of the real estate investment trust’s stock after purchasing an additional 511 shares during the period. Retirement Systems of Alabama’s holdings in Macerich were worth $2,137,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the stock. Liberty Wealth Management LLC purchased a new stake in Macerich during the 4th quarter worth $39,000. CSat Investment Advisory L.P. boosted its position in Macerich by 63.1% in the 4th quarter. CSat Investment Advisory L.P. now owns 1,024 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 396 shares during the last quarter. Federated Investors Inc. PA purchased a new position in Macerich in the 3rd quarter valued at about $48,000. Meeder Asset Management Inc. boosted its position in Macerich by 1,480.2% in the 4th quarter. Meeder Asset Management Inc. now owns 1,754 shares of the real estate investment trust’s stock valued at $76,000 after buying an additional 1,643 shares during the last quarter. Finally, Ffcm LLC boosted its position in Macerich by 174.7% in the 4th quarter. Ffcm LLC now owns 2,266 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 1,441 shares during the last quarter. Hedge funds and other institutional investors own 98.01% of the company’s stock.
In other news, CEO Hern Thomas E. O purchased 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were bought at an average price of $40.99 per share, for a total transaction of $409,900.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Edward C. Coppola purchased 5,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was purchased at an average price of $40.50 per share, for a total transaction of $202,500.00. The disclosure for this purchase can be found here. 1.73% of the stock is currently owned by company insiders.
MAC has been the subject of a number of analyst reports. Wells Fargo & Co cut shares of Macerich from an “outperform” rating to a “market perform” rating and set a $43.00 price objective for the company. in a research report on Friday, February 8th. Deutsche Bank decreased their price objective on shares of Macerich from $51.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, February 12th. Royal Bank of Canada restated a “hold” rating and issued a $46.00 target price on shares of Macerich in a research note on Tuesday, February 26th. Jefferies Financial Group restated a “hold” rating and issued a $46.00 target price on shares of Macerich in a research note on Wednesday, February 13th. Finally, BMO Capital Markets restated a “buy” rating and issued a $56.00 target price on shares of Macerich in a research note on Thursday, February 7th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $54.00.
MAC traded down $0.95 on Wednesday, hitting $40.59. 986,831 shares of the company’s stock were exchanged, compared to its average volume of 1,169,989. Macerich Co has a twelve month low of $39.71 and a twelve month high of $60.95. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of 10.54, a price-to-earnings-growth ratio of 6.48 and a beta of 0.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.66.
Macerich (NYSE:MAC) last announced its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $0.05 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.76). Macerich had a net margin of 10.67% and a return on equity of 3.75%. The firm had revenue of $216.34 million during the quarter, compared to analyst estimates of $206.88 million. During the same quarter in the previous year, the business posted $0.82 EPS. Macerich’s revenue for the quarter was down 4.4% compared to the same quarter last year. Research analysts anticipate that Macerich Co will post 3.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 8th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $3.00 annualized dividend and a dividend yield of 7.39%. Macerich’s payout ratio is currently 77.92%.
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Macerich Company Profile
Macerich, an S&P 500 company, is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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