Macerich Company (The) $MAC Stock: State of Alaska Department of Revenue Trims Stake

Key Points

• State of Alaska Department of Revenue reduced its Macerich stake by 18.7% in the third quarter, selling 46,210 shares and retaining 201,057 shares valued at approximately $4.5 million. Institutional investors and hedge funds collectively own 87.38% of MAC.
• Macerich shares recently traded near $22.98, while the company reported a quarterly loss of $0.10 per share, missing analyst expectations, despite revenue of $249.71 million exceeding estimates.
• The company paid a quarterly dividend of $0.17 per share, representing a 3.0% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $26.19.

State of Alaska Department of Revenue cut its position in Macerich Company (The) (NYSE:MAC - Free Report) by 18.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 201,057 shares of the real estate investment trust's stock after selling 46,210 shares during the quarter. State of Alaska Department of Revenue owned about 0.07% of Macerich worth $4,494,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MAC. LDR Capital Management LLC grew its stake in shares of Macerich by 9.0% in the third quarter. LDR Capital Management LLC now owns 141,983 shares of the real estate investment trust's stock valued at $3,175,000 after acquiring an additional 11,734 shares in the last quarter. GAMMA Investing LLC increased its position in Macerich by 16.2% during the third quarter. GAMMA Investing LLC now owns 10,525 shares of the real estate investment trust's stock worth $235,000 after acquiring an additional 1,469 shares during the period. Farther Finance Advisors LLC raised its stake in Macerich by 90.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,799 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 852 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Macerich in the 2nd quarter worth about $61,000. Finally, Arizona State Retirement System boosted its holdings in Macerich by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 70,823 shares of the real estate investment trust's stock valued at $1,784,000 after purchasing an additional 507 shares during the period. 87.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total value of $63,787.20. Following the transaction, the chief accounting officer directly owned 847 shares of the company's stock, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is owned by company insiders.

Macerich Price Performance

MAC stock traded down $0.12 during midday trading on Friday, reaching $22.98. The company had a trading volume of 4,793,114 shares, compared to its average volume of 3,398,914. Macerich Company has a 1-year low of $16.03 and a 1-year high of $26.67. The stock has a 50 day moving average price of $23.27 and a 200-day moving average price of $23.27. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of -35.35, a price-to-earnings-growth ratio of 1.68 and a beta of 2.10.

Macerich (NYSE:MAC - Get Free Report) last announced 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). Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%. The firm had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The company's quarterly revenue was up .0% on a year-over-year basis. Equities research analysts expect that Macerich Company will post 1.48 earnings per share for the current year.

Macerich Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, September 14th were given a dividend of $0.17 per share. The ex-dividend date was Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. Macerich's dividend payout ratio (DPR) is currently -104.62%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MAC. Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. upgraded shares of Macerich from a "neutral" rating to an "overweight" rating and set a $26.00 price target for the company in a research report on Thursday, September 24th. Truist Financial began coverage on shares of Macerich in a research report on Friday, October 2nd. They issued a "buy" rating and a $26.00 price target for the company. Wall Street Zen upgraded Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, Citigroup increased their price target on Macerich from $28.00 to $29.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.19.

Macerich Profile

Macerich NYSE: MAC is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company's portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich's properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.

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