The Macerich Company (NYSE:MAC) Shares Acquired by California State Teachers Retirement System

California State Teachers Retirement System increased its stake in shares of The Macerich Company (NYSE:MAC - Free Report) by 13.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 231,559 shares of the real estate investment trust's stock after buying an additional 27,396 shares during the quarter. California State Teachers Retirement System owned about 0.09% of Macerich worth $4,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its stake in shares of Macerich by 314.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,467 shares of the real estate investment trust's stock worth $69,000 after acquiring an additional 2,630 shares during the period. Van ECK Associates Corp raised its holdings in Macerich by 20.4% during the fourth quarter. Van ECK Associates Corp now owns 44,843 shares of the real estate investment trust's stock worth $893,000 after purchasing an additional 7,608 shares in the last quarter. New York State Teachers Retirement System lifted its position in Macerich by 2.2% in the fourth quarter. New York State Teachers Retirement System now owns 183,508 shares of the real estate investment trust's stock valued at $3,655,000 after purchasing an additional 3,979 shares during the period. FIL Ltd boosted its holdings in Macerich by 4.7% in the 4th quarter. FIL Ltd now owns 1,158,518 shares of the real estate investment trust's stock valued at $23,078,000 after purchasing an additional 51,994 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Macerich by 7.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,162,987 shares of the real estate investment trust's stock worth $43,087,000 after purchasing an additional 142,566 shares during the period. 87.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. The Goldman Sachs Group decreased their price target on Macerich from $16.70 to $14.40 and set a "sell" rating on the stock in a research note on Monday, March 10th. Morgan Stanley reduced their target price on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Scotiabank decreased their target price on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their price target on shares of Macerich from $22.00 to $18.00 and set an "underweight" rating on the stock in a research note on Monday, March 10th. Finally, Truist Financial upgraded shares of Macerich from a "hold" rating to a "buy" rating and set a $19.00 price objective for the company in a research note on Thursday, April 10th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $18.95.

Macerich Price Performance

MAC traded up $0.32 during midday trading on Friday, reaching $16.03. 511,457 shares of the company's stock were exchanged, compared to its average volume of 1,929,568. The Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The stock has a market capitalization of $4.05 billion, a PE ratio of 41.08, a P/E/G ratio of 0.71 and a beta of 2.17. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.92 and a quick ratio of 0.92. The business's 50-day moving average price is $15.11 and its 200 day moving average price is $18.11.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company's revenue was up 19.3% on a year-over-year basis. During the same period last year, the company posted $0.33 EPS. As a group, equities analysts anticipate that The Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Tuesday, June 3rd. Macerich's payout ratio is currently -158.14%.

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.