Teacher Retirement System of Texas Takes $622,000 Position in Macerich Company (The) (NYSE:MAC)

Teacher Retirement System of Texas acquired a new stake in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 36,244 shares of the real estate investment trust's stock, valued at approximately $622,000.

A number of other large investors have also made changes to their positions in MAC. Quantbot Technologies LP bought a new stake in Macerich during the fourth quarter worth about $30,000. Lazard Asset Management LLC bought a new stake in shares of Macerich during the fourth quarter valued at approximately $45,000. State of Wyoming bought a new stake in shares of Macerich during the fourth quarter valued at approximately $55,000. Raiffeisen Bank International AG bought a new stake in shares of Macerich during the fourth quarter valued at approximately $83,000. Finally, GF Fund Management CO. LTD. acquired a new position in Macerich in the fourth quarter valued at approximately $90,000. Institutional investors and hedge funds own 87.38% of the company's stock.

Macerich Price Performance

Shares of NYSE:MAC traded down $0.06 during midday trading on Friday, hitting $16.57. The stock had a trading volume of 1,269,808 shares, compared to its average volume of 1,923,811. The company's 50-day moving average price is $16.05 and its 200-day moving average price is $17.15. The company has a market capitalization of $4.19 billion, a P/E ratio of -38.53, a price-to-earnings-growth ratio of 3.25 and a beta of 2.13. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.91. Macerich Company has a fifty-two week low of $12.48 and a fifty-two week high of $22.27.

Macerich (NYSE:MAC - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The real estate investment trust reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.02. Macerich had a negative net margin of 12.26% and a negative return on equity of 4.37%. The firm had revenue of $249.22 million during the quarter, compared to analysts' expectations of $221.61 million. During the same period in the prior year, the company posted $0.33 EPS. The company's revenue was up 19.3% on a year-over-year basis. As a group, equities research analysts predict that Macerich Company will post 1.55 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 4.10%. The ex-dividend date was Tuesday, June 3rd. Macerich's dividend payout ratio is presently -158.14%.

Wall Street Analysts Forecast Growth

MAC has been the topic of several analyst reports. Scotiabank cut their target price on shares of Macerich from $21.00 to $16.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Truist Financial raised their price objective on shares of Macerich from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Morgan Stanley dropped their price objective on shares of Macerich from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Mizuho upgraded shares of Macerich from a "neutral" rating to an "outperform" rating and dropped their price objective for the stock from $22.00 to $18.00 in a report on Tuesday, June 10th. Finally, Piper Sandler upgraded shares of Macerich from an "underweight" rating to a "neutral" rating and set a $16.00 price target on the stock in a research note on Thursday, May 22nd. 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $19.26.

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.