State of Alaska Department of Revenue Acquires 14,742 Shares of Macerich Company (The) $MAC

Key Points

• The State of Alaska Department of Revenue increased its stake in Macerich Company by 5.7%, acquiring an additional 14,742 shares in the second quarter, bringing its total ownership to 273,454 shares worth approximately $4.4 million.
• Macerich recently reported a quarterly EPS of $0.32, missing analyst estimates, while its revenue rose by 15.9% year-over-year to $249.79 million.
• Wall Street analysts have mixed ratings on Macerich, with six analysts rating it as a buy and two as a sell, reflecting a consensus target price of $20.11.

State of Alaska Department of Revenue grew its holdings in Macerich Company (The) (NYSE:MAC - Free Report) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 273,454 shares of the real estate investment trust's stock after buying an additional 14,742 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.11% of Macerich worth $4,423,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Nuveen LLC bought a new position in shares of Macerich in the first quarter worth about $32,554,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of Macerich by 40.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 6,130,323 shares of the real estate investment trust's stock valued at $105,258,000 after purchasing an additional 1,754,466 shares in the last quarter. Millennium Management LLC raised its position in Macerich by 376.2% in the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust's stock worth $15,570,000 after purchasing an additional 716,394 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Macerich in the 1st quarter worth approximately $12,163,000. Finally, American Assets Investment Management LLC acquired a new position in Macerich during the 1st quarter worth $9,868,000. 87.38% of the stock is owned by institutional investors.

Macerich Trading Down 1.5%

NYSE:MAC opened at $17.63 on Tuesday. The company has a market cap of $4.45 billion, a P/E ratio of -10.07, a price-to-earnings-growth ratio of 3.48 and a beta of 2.27. Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. The business has a 50 day moving average price of $17.57 and a two-hundred day moving average price of $16.40. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 2.00.

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

Macerich Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th were given a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.9%. Macerich's payout ratio is currently -38.86%.

Wall Street Analysts Forecast Growth

MAC has been the subject of several research reports. Bank of America raised Macerich from a "neutral" rating to a "buy" rating and lifted their target price for the company from $19.00 to $23.00 in a research note on Friday. Mizuho upgraded Macerich from a "neutral" rating to an "outperform" rating and decreased their price target for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Scotiabank boosted their price objective on Macerich from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, August 28th. Truist Financial upped their target price 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. Finally, Wall Street Zen cut shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $20.11.

Macerich 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.

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