Texas Permanent School Fund cut its holdings in Macerich Co (NYSE:MAC) by 10.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,748 shares of the real estate investment trust’s stock after selling 2,746 shares during the quarter. Texas Permanent School Fund’s holdings in Macerich were worth $1,313,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. Oakbrook Investments LLC raised its position in Macerich by 42.1% during the third quarter. Oakbrook Investments LLC now owns 7,091 shares of the real estate investment trust’s stock valued at $392,000 after acquiring an additional 2,100 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Macerich by 3.4% during the third quarter. Nisa Investment Advisors LLC now owns 33,042 shares of the real estate investment trust’s stock valued at $1,827,000 after acquiring an additional 1,100 shares in the last quarter. First Hawaiian Bank purchased a new position in Macerich during the third quarter valued at approximately $580,000. Bank of Montreal Can raised its position in Macerich by 11.2% during the third quarter. Bank of Montreal Can now owns 267,640 shares of the real estate investment trust’s stock valued at $14,798,000 after acquiring an additional 26,940 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Macerich by 3.5% in the third quarter. State of Alaska Department of Revenue now owns 79,994 shares of the real estate investment trust’s stock valued at $4,421,000 after purchasing an additional 2,682 shares during the period. Institutional investors own 96.38% of the company’s stock.
Shares of NYSE:MAC opened at $51.12 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 1.48. The company has a market capitalization of $7.29 billion, a PE ratio of 13.01, a PEG ratio of 2.08 and a beta of 0.82. Macerich Co has a 1 year low of $49.41 and a 1 year high of $69.73.
Macerich (NYSE:MAC) last issued its quarterly earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.32. The firm had revenue of $242.20 million for the quarter, compared to analyst estimates of $220.02 million. Macerich had a return on equity of 3.29% and a net margin of 8.35%. The business’s revenue was down .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 earnings per share. Research analysts anticipate that Macerich Co will post 3.87 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Friday, November 9th will be paid a $0.75 dividend. The ex-dividend date is Thursday, November 8th. This is a positive change from Macerich’s previous quarterly dividend of $0.74. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.87%. Macerich’s payout ratio is currently 75.32%.
Several analysts have commented on the company. BMO Capital Markets set a $64.00 price objective on Macerich and gave the company a “buy” rating in a report on Wednesday, October 31st. Evercore ISI raised Macerich from an “in-line” rating to an “outperform” rating in a report on Monday, September 17th. Zacks Investment Research lowered Macerich from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Barclays reissued a “hold” rating and issued a $54.00 price objective on shares of Macerich in a report on Sunday, October 14th. Finally, Bank of America raised their price objective on Macerich from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. Macerich currently has an average rating of “Hold” and a consensus target price of $63.97.
In other news, insider Dana K. Anderson sold 10,000 shares of Macerich stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $51.65, for a total value of $516,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 3.76% of the company’s stock.
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Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich currently owns 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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