Public Employees Retirement System of Ohio Has $5.62 Million Holdings in Macerich Company (The) $MAC

Key Points

• Public Employees Retirement System of Ohio reduced its Macerich stake by 15.9% in the first quarter, selling 56,131 shares and retaining 297,627 shares valued at approximately $5.625 million. Institutional investors collectively own 87.38% of the REIT.
• Analyst sentiment has improved, with Citigroup upgrading Macerich to “buy” and raising its target to $28. The stock carries a consensus “Moderate Buy” rating and an average price target of $25.33.
• Macerich reported quarterly EPS of $0.34, exceeding the $0.31 consensus estimate, while revenue of $241.54 million also topped expectations. The company maintains a quarterly dividend of $0.17 per share, equivalent to a 2.6% annualized yield.

Public Employees Retirement System of Ohio trimmed its holdings in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 15.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 297,627 shares of the real estate investment trust's stock after selling 56,131 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.11% of Macerich worth $5,625,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Farther Finance Advisors LLC increased its stake in shares of Macerich by 76.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,347 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 585 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Macerich by 366.2% during the fourth quarter. Global Retirement Partners LLC now owns 1,394 shares of the real estate investment trust's stock worth $26,000 after acquiring an additional 1,095 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in Macerich by 80.4% in the fourth quarter. Hantz Financial Services Inc. now owns 1,535 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 684 shares during the period. Triumph Capital Management acquired a new stake in Macerich in the third quarter worth $33,000. Finally, Salomon & Ludwin LLC increased its stake in Macerich by 156.6% in the fourth quarter. Salomon & Ludwin LLC now owns 2,189 shares of the real estate investment trust's stock valued at $41,000 after purchasing an additional 1,336 shares in the last quarter. Institutional investors and hedge funds own 87.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citigroup raised Macerich from a "neutral" rating to a "buy" rating and boosted their target price for the company from $24.00 to $28.00 in a research report on Tuesday, June 23rd. Wall Street Zen raised Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Mizuho boosted their price objective on Macerich from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Friday, May 15th. Weiss Ratings raised Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, July 14th. Finally, Evercore set a $24.00 target price on Macerich in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Macerich currently has an average rating of "Moderate Buy" and an average price target of $25.33.

Macerich Price Performance

Shares of NYSE MAC opened at $26.52 on Wednesday. Macerich Company has a fifty-two week low of $15.94 and a fifty-two week high of $26.68. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of -37.36, a PEG ratio of 1.84 and a beta of 2.06. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.83 and a current ratio of 0.83. The firm's 50-day simple moving average is $24.39 and its 200 day simple moving average is $21.43.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.03. The business had revenue of $241.54 million during the quarter, compared to the consensus estimate of $233.06 million. Macerich had a negative return on equity of 6.95% and a negative net margin of 18.22%.The company's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.33 EPS. As a group, research analysts anticipate that Macerich Company will post 1.49 earnings per share for the current fiscal year.

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 2.6%. Macerich's payout ratio is presently -95.77%.

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.

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