Public Sector Pension Investment Board Grows Stake in Macerich Company (The) (NYSE:MAC)

Key Points

• The Public Sector Pension Investment Board increased its stake in Macerich Company by 28.8%, owning a total of 788,138 shares valued at approximately $13.5 million.
• Macerich recently reported $0.32 earnings per share for the quarter, falling short of analyst estimates, while its quarterly revenue increased by 15.9% year-over-year.
• The company declared a quarterly dividend of $0.17, resulting in an annualized dividend yield of 3.9%, despite having a negative payout ratio of -158.14%.

Public Sector Pension Investment Board raised its position in shares of Macerich Company (The) (NYSE:MAC - Free Report) by 28.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 788,138 shares of the real estate investment trust's stock after acquiring an additional 176,384 shares during the period. Public Sector Pension Investment Board owned approximately 0.31% of Macerich worth $13,532,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Bamco Inc. NY boosted its holdings in shares of Macerich by 175.8% during the fourth quarter. Bamco Inc. NY now owns 4,675,471 shares of the real estate investment trust's stock worth $93,135,000 after acquiring an additional 2,980,051 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Macerich by 1.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,375,857 shares of the real estate investment trust's stock worth $87,168,000 after acquiring an additional 61,017 shares during the period. Northern Trust Corp raised its position in shares of Macerich by 56.7% in the fourth quarter. Northern Trust Corp now owns 4,205,890 shares of the real estate investment trust's stock valued at $83,781,000 after buying an additional 1,522,147 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Macerich by 8.2% in the fourth quarter. Ameriprise Financial Inc. now owns 3,280,658 shares of the real estate investment trust's stock valued at $65,351,000 after buying an additional 249,592 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its position in shares of Macerich by 3.3% in the first quarter. Centersquare Investment Management LLC now owns 2,082,086 shares of the real estate investment trust's stock valued at $35,749,000 after buying an additional 66,648 shares in the last quarter. Institutional investors own 87.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MAC shares. Scotiabank dropped their price target on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a research report on Thursday, May 22nd. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $22.00 to $18.00 in a research report on Tuesday, June 10th. Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Truist Financial boosted their price objective on shares of Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $19.26.

Macerich Stock Performance

Macerich stock traded down $0.20 during mid-day trading on Friday, reaching $17.19. The company's stock had a trading volume of 1,672,873 shares, compared to its average volume of 1,921,349. Macerich Company has a 12-month low of $12.48 and a 12-month high of $22.27. The company has a market capitalization of $4.34 billion, a P/E ratio of -9.82, a PEG ratio of 3.35 and a beta of 2.22. The company has a debt-to-equity ratio of 2.00, a quick ratio of 1.09 and a current ratio of 0.76. The firm's fifty day moving average price is $16.58 and its two-hundred day moving average price is $16.74.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.02). Macerich had a negative net margin of 41.33% and a negative return on equity of 15.15%. The business had revenue of $249.79 million during the quarter, compared to analysts' expectations of $245.19 million. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The firm's quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts predict that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, September 9th. Macerich's payout ratio is -38.86%.

Macerich Company Profile

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.