Public Employees Retirement System of Ohio Invests $8.13 Million in Macerich Company (The) $MAC

Key Points

• Public Employees Retirement System of Ohio purchased 322,722 Macerich shares worth approximately $8.13 million, while institutional investors collectively owned 87.38% of the REIT.
• Macerich reported quarterly revenue of $249.71 million, exceeding estimates, but its loss of $0.10 per share was wider than the expected $0.05 loss.
• The company declared a quarterly dividend of $0.17 per share, implying a 2.9% annualized yield, while analysts maintained a “Moderate Buy” consensus with an average price target of $25.88.

Public Employees Retirement System of Ohio bought a new stake in Macerich Company (The) (NYSE:MAC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 322,722 shares of the real estate investment trust's stock, valued at approximately $8,129,000. Public Employees Retirement System of Ohio owned approximately 0.11% of Macerich at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Quantbot Technologies LP purchased a new position in shares of Macerich during the second quarter worth about $1,476,000. Quantinno Capital Management LP lifted its holdings in shares of Macerich by 165.6% in the 1st 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 last quarter. Wealth Science Advisors LLC purchased a new stake in shares of Macerich in the 2nd quarter valued at about $1,051,000. Centersquare Investment Management LLC boosted its position in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock valued at $117,307,000 after purchasing an additional 3,808,336 shares during the period. Finally, Norges Bank acquired a new stake in shares of Macerich in the 4th quarter valued at about $66,924,000. 87.38% of the stock is owned by hedge funds and other institutional investors.

Macerich Trading Down 0.4%

NYSE:MAC opened at $23.65 on Tuesday. Macerich Company has a 12-month low of $16.03 and a 12-month high of $26.67. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. The stock's 50 day simple moving average is $25.06 and its 200-day simple moving average is $22.46. The firm has a market cap of $6.71 billion, a P/E ratio of -36.38, a PEG ratio of 1.71 and a beta of 2.07.

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

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th 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 2.9%. The ex-dividend date is Monday, September 14th. Macerich's payout ratio is -104.62%.

Analyst Ratings Changes

MAC has been the topic of several research analyst reports. Mizuho set a $28.00 price target on Macerich in a research report on Wednesday, August 5th. Citigroup increased their price objective on Macerich from $28.00 to $29.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. The Goldman Sachs Group raised their target price on shares of Macerich from $17.00 to $19.00 and gave the stock a "sell" rating in a research report on Friday, May 15th. Piper Sandler raised shares of Macerich from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $28.00 to $30.00 in a report on Thursday. Finally, Weiss Ratings upgraded shares of Macerich from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Macerich currently has a consensus rating of "Moderate Buy" and an average target price of $25.88.

Macerich 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source