Arizona State Retirement System Sells 1,070 Shares of The Macerich Company (NYSE:MAC)

Arizona State Retirement System reduced its position in shares of The Macerich Company (NYSE:MAC) by 1.7% during the fourth quarter, Holdings Channel reports. The firm owned 60,174 shares of the real estate investment trust’s stock after selling 1,070 shares during the period. Arizona State Retirement System’s holdings in Macerich were worth $928,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Macerich by 0.7% in 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 purchasing an additional 31,445 shares in the last quarter. Barclays PLC increased its stake in shares of Macerich by 91.0% in the third quarter. Barclays PLC now owns 221,834 shares of the real estate investment trust’s stock worth $2,421,000 after purchasing an additional 105,663 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Macerich by 642.9% in the third quarter. SG Americas Securities LLC now owns 115,705 shares of the real estate investment trust’s stock worth $1,262,000 after purchasing an additional 100,131 shares in the last quarter. Invesco Ltd. increased its stake in shares of Macerich by 15.3% in the third quarter. Invesco Ltd. now owns 579,573 shares of the real estate investment trust’s stock worth $6,323,000 after purchasing an additional 76,888 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in shares of Macerich by 13.2% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 69,900 shares of the real estate investment trust’s stock worth $763,000 after purchasing an additional 8,145 shares in the last quarter. Institutional investors own 87.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MAC shares. The Goldman Sachs Group boosted their price objective on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. Truist Financial reaffirmed a “hold” rating and set a $16.00 price objective on shares of Macerich in a research note on Monday, March 25th. Piper Sandler boosted their price objective on shares of Macerich from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, December 20th. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $8.00 to $17.00 in a research note on Friday, March 22nd. Finally, StockNews.com raised shares of Macerich from a “sell” rating to a “hold” rating in a research note on Tuesday, March 12th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.40.

Macerich Price Performance

MAC stock opened at $15.80 on Wednesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.95 and a quick ratio of 0.95. The Macerich Company has a one year low of $9.05 and a one year high of $17.69. The stock has a market cap of $3.41 billion, a PE ratio of -12.44, a P/E/G ratio of 1.80 and a beta of 2.33. The firm has a 50 day simple moving average of $16.57 and a two-hundred day simple moving average of $14.30.

Macerich (NYSE:MAC) last released its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The company had revenue of $238.70 million during the quarter, compared to analysts’ expectations of $224.49 million. During the same period in the prior year, the firm earned $0.53 EPS. Macerich’s quarterly revenue was up 4.6% on a year-over-year basis. On average, analysts predict that The Macerich Company will post 1.81 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Friday, February 16th were paid a $0.17 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.68 dividend on an annualized basis and a yield of 4.30%. Macerich’s dividend payout ratio is presently -53.54%.

Insiders Place Their Bets

In other Macerich news, Director Edward C. Coppola sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $17.01, for a total value of $340,200.00. Following the completion of the transaction, the director now owns 635,667 shares of the company’s stock, valued at approximately $10,812,695.67. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, President Edward C. Coppola sold 50,000 shares of the business’s 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 completion of the sale, the president now directly owns 655,667 shares in the company, valued at approximately $11,277,472.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward C. Coppola sold 20,000 shares of the business’s 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 completion of the sale, the director now owns 635,667 shares of the company’s stock, valued at $10,812,695.67. The disclosure for this sale can be found here. Insiders sold a total of 172,964 shares of company stock valued at $2,940,030 in the last quarter. Corporate insiders own 0.57% of the company’s stock.

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.