Macerich Company (The) $MAC Shares Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its Macerich stake by 16.6% in the third quarter, adding 66,000 shares to own 463,403 shares valued at approximately $10.4 million. Institutional investors and hedge funds collectively own 87.38% of the company.
• Macerich reported quarterly EPS of -$0.10, missing the consensus estimate of -$0.05, although revenue of $249.71 million exceeded expectations of $239.77 million.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $26.19, compared with a recent trading price of $24.30.

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 16.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 463,403 shares of the real estate investment trust's stock after purchasing an additional 66,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.16% of Macerich worth $10,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Macerich during the 2nd quarter worth approximately $1,476,000. Quantinno Capital Management LP raised its position in Macerich by 165.6% in the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust's stock valued at $2,656,000 after purchasing an additional 87,626 shares during the period. Wealth Science Advisors LLC purchased a new stake in Macerich in the second quarter valued at approximately $1,051,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Macerich by 16,284.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,807,253 shares of the real estate investment trust's stock worth $45,525,000 after purchasing an additional 1,796,223 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Macerich during the second quarter worth $59,962,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Christopher Zecchini sold 2,740 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the sale, the chief accounting officer owned 847 shares in the company, valued at $19,718.16. This represents a 76.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by corporate insiders.

Macerich Trading Down 0.0%

NYSE MAC opened at $24.30 on Friday. Macerich Company has a 52 week low of $16.03 and a 52 week high of $26.67. The firm has a 50 day moving average of $23.14 and a two-hundred day moving average of $22.20. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $6.89 billion, a PE ratio of -37.38, a price-to-earnings-growth ratio of 1.75 and a beta of 2.10.

Macerich (NYSE:MAC - Get Free Report) last posted its earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The business had revenue of $249.71 million during the quarter, compared to analysts' expectations of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business's quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. As a group, research analysts expect that Macerich Company will post 1.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MAC has been the subject of a number of research reports. Griffin Securities set a $26.00 price objective on Macerich in a research note on Tuesday, August 18th. Citigroup raised their target price on Macerich from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. BNP Paribas Exane assumed coverage on Macerich in a research report on Friday, October 9th. They issued an "outperform" rating and a $28.00 target price for the company. Piper Sandler cut their price target on shares of Macerich from $30.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, October 12th. Finally, Truist Financial initiated coverage on shares of Macerich in a research report on Friday, October 2nd. They set a "buy" rating and a $26.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $26.19.

Macerich Profile

Macerich NYSE: MAC is a self-managed and self-administered real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio primarily consists of regional shopping centers and high-quality malls located in major markets, with a concentration in the Western and Sun Belt regions.

Macerich generates revenue primarily through leasing retail, dining, entertainment and other commercial space to tenants. Its activities also include property management, marketing, redevelopment and the development of mixed-use projects designed to combine retail with residential, office, hotel and other uses.

The company traces its roots to the 1960s and has expanded through the acquisition, development and redevelopment of retail real estate.

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