Strs Ohio Takes $797,000 Position in Macerich Company (The) $MAC

Key Points

• Strs Ohio acquired 46,400 shares of Macerich Company worth approximately $797,000 in the first quarter of the year.
• Several hedge funds, including AQR Capital Management and Signaturefd LLC, have also increased their stakes in Macerich, reflecting growing institutional interest in the company.
• Macerich's recent earnings report missed estimates, posting a net margin of -41.33% and EPS of $0.32, while revenue was up 15.9% year-over-year.

Strs Ohio acquired a new position in Macerich Company (The) (NYSE:MAC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 46,400 shares of the real estate investment trust's stock, valued at approximately $797,000.

Other hedge funds have also made changes to their positions in the company. Lazard Asset Management LLC bought a new stake in shares of Macerich in the 4th quarter worth approximately $45,000. State of Wyoming bought a new stake in shares of Macerich in the fourth quarter valued at about $55,000. Quarry LP boosted its position in Macerich by 2,691.6% during the first quarter. Quarry LP now owns 3,322 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 3,203 shares during the last quarter. Signaturefd LLC increased its stake in shares of Macerich by 34.9% during the first quarter. Signaturefd LLC now owns 3,329 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 862 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Macerich in the 4th quarter valued at $90,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Stock Up 1.4%

Macerich stock traded up $0.24 during mid-day trading on Tuesday, reaching $17.42. 95,678 shares of the company's stock were exchanged, compared to its average volume of 1,961,508. Macerich Company has a twelve month low of $12.48 and a twelve month high of $22.27. The company has a fifty day moving average of $17.50 and a 200-day moving average of $16.37. The company has a market cap of $4.40 billion, a P/E ratio of -9.96, a P/E/G ratio of 3.37 and a beta of 2.27. 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 results on Monday, August 11th. The real estate investment trust reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). Macerich had a negative return on equity of 15.15% and a negative net margin of 41.33%.The company had revenue of $249.79 million for the quarter, compared to analyst estimates of $245.19 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. Macerich's revenue was up 15.9% compared to the same quarter last year. Sell-side analysts expect that Macerich Company will post 1.55 EPS for the current year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 9th will be given a $0.17 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $0.68 dividend on an annualized basis and a yield of 3.9%. Macerich's dividend payout ratio (DPR) is presently -38.86%.

Wall Street Analysts Forecast Growth

MAC has been the subject of a number of analyst reports. LADENBURG THALM/SH SH began coverage on Macerich in a research note on Friday, July 18th. They set a "buy" rating and a $25.00 price target for the company. Truist Financial upped their target price on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their target price for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Scotiabank increased their price target on shares of Macerich from $16.00 to $18.00 and gave the company a "sector perform" rating in a report on Thursday, August 28th. Finally, Wall Street Zen downgraded shares of Macerich from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $19.80.

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.