VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Macerich Company (The) $MAC

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Macerich Company (The) (NYSE:MAC) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 397,403 shares of the real estate investment trust’s stock, valued at approximately $10,011,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Macerich during the 2nd quarter worth about $1,378,836,000. State Street Corp boosted its stake in shares of Macerich by 2.4% in the 2nd quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after purchasing an additional 351,907 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after buying an additional 2,034,338 shares during the period. California State Teachers Retirement System grew its position in shares of Macerich by 2,352.6% during the 2nd quarter. California State Teachers Retirement System now owns 7,537,427 shares of the real estate investment trust’s stock worth $189,868,000 after buying an additional 7,230,107 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Macerich by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock worth $122,008,000 after buying an additional 70,132 shares during the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Stock Performance

Shares of NYSE:MAC opened at $23.64 on Wednesday. The firm’s 50 day simple moving average is $24.82 and its 200 day simple moving average is $22.66. Macerich Company has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of -36.38, a P/E/G ratio of 1.67 and a beta of 2.06. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The firm had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS. As a group, sell-side analysts forecast that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be given a $0.17 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. Macerich’s dividend payout ratio is currently -104.62%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MAC. Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a report on Friday, June 26th. Morgan Stanley upped 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. Evercore set a $25.00 price target on Macerich in a research note on Thursday, August 6th. Compass Point restated a “neutral” rating and issued a $26.00 price target (up from $23.00) on shares of Macerich in a research report on Friday, June 26th. Finally, Piper Sandler raised Macerich from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $28.00 to $30.00 in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Macerich has an average rating of “Moderate Buy” and an average target price of $26.00.

Macerich Company Profile

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.