VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in Macerich Company (The) $MAC

Key Points

• Virginia Retirement Systems purchased 397,403 Macerich shares worth approximately $10.0 million, while institutional investors and hedge funds collectively own 87.38% of the stock.
• Macerich reported quarterly revenue of $249.71 million, exceeding estimates, but its loss of $0.10 per share missed the consensus estimate of a $0.05 loss.
• The REIT declared a quarterly dividend of $0.17 per share, representing a 2.9% yield, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $26.00.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Macerich Company (The) (NYSE:MAC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 397,403 shares of the real estate investment trust's stock, valued at approximately $10,011,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.14% of Macerich as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MAC. Quantbot Technologies LP bought a new position in shares of Macerich during the 2nd quarter worth approximately $1,476,000. Quantinno Capital Management LP grew its position in Macerich by 165.6% in the first quarter. Quantinno Capital Management LP now owns 140,543 shares of the real estate investment trust's stock valued at $2,656,000 after acquiring an additional 87,626 shares during the period. Wealth Science Advisors LLC bought a new stake in Macerich in the second quarter valued at $1,051,000. Centersquare Investment Management LLC raised its stake in Macerich by 149.6% during the fourth quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust's stock worth $117,307,000 after acquiring an additional 3,808,336 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Macerich during the second quarter worth $59,962,000. 87.38% of the stock is owned by institutional investors and hedge funds.

Macerich Stock Performance

Shares of NYSE:MAC opened at $23.64 on Wednesday. The business has a fifty day moving average of $24.82 and a 200-day moving average of $22.66. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.88 and a current ratio of 0.88. Macerich Company has a twelve month low of $16.03 and a twelve month high of $26.67. The firm has a market cap of $6.70 billion, a PE ratio of -36.38, a price-to-earnings-growth ratio of 1.67 and a beta of 2.06.

Macerich (NYSE:MAC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.05). The company had revenue of $249.71 million for the quarter, compared to analyst estimates of $239.77 million. Macerich had a negative return on equity of 6.26% and a negative net margin of 16.85%.The firm's quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the company earned $0.33 EPS. On average, equities research analysts predict that Macerich Company will post 1.49 EPS for the current fiscal year.

Macerich Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, September 14th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 14th. Macerich's dividend payout ratio is -104.62%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MAC. LADENBURG THALM/SH SH boosted their target price on shares of Macerich from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Mizuho set a $28.00 price target on shares of Macerich in a report on Wednesday, August 5th. Evercore set a $25.00 price target on shares of Macerich in a research report on Thursday, August 6th. Wall Street Zen raised shares of Macerich from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, KeyCorp lifted their target price on shares of Macerich from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.

Macerich Company Profile

The Macerich Company NYSE: MAC is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich's core activities encompass property and asset management, leasing, marketing and redevelopment services.

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