36,244 Shares in Macerich Company (The) (NYSE:MAC) Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas bought a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,244 shares of the real estate investment trust's stock, valued at approximately $622,000.

Other large investors have also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Macerich during the fourth quarter worth approximately $30,000. Lazard Asset Management LLC purchased a new stake in shares of Macerich during the fourth quarter worth approximately $45,000. State of Wyoming purchased a new stake in shares of Macerich during the fourth quarter worth approximately $55,000. Raiffeisen Bank International AG purchased a new stake in shares of Macerich during the fourth quarter worth approximately $83,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Macerich during the fourth quarter worth approximately $90,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MAC has been the subject of a number of research analyst reports. Morgan Stanley lowered their price target on Macerich from $20.00 to $19.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Scotiabank lowered their price target on Macerich from $21.00 to $16.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Piper Sandler raised Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target for the company in a report on Thursday, May 22nd. Truist Financial increased their price objective on Macerich from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Mizuho raised Macerich from a "neutral" rating to an "outperform" rating and decreased their price objective for the company from $22.00 to $18.00 in a report on Tuesday, June 10th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $18.78.

Macerich Stock Performance

Shares of NYSE MAC traded up $0.41 during mid-day trading on Wednesday, hitting $16.42. 1,627,184 shares of the company were exchanged, compared to its average volume of 1,931,467. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.91. The stock has a 50 day simple moving average of $15.96 and a 200-day simple moving average of $17.20. Macerich Company has a 1-year low of $12.48 and a 1-year high of $22.27. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of -38.18, a price-to-earnings-growth ratio of 3.20 and a beta of 2.13.

Macerich (NYSE:MAC - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. Macerich had a negative return on equity of 4.37% and a negative net margin of 12.26%. Macerich's revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, sell-side analysts forecast that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Tuesday, June 3rd. Macerich's payout ratio is -158.14%.

About Macerich

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.