Arizona State Retirement System Sells 1,070 Shares of The Macerich Company (NYSE:MAC)

Arizona State Retirement System cut its holdings in shares of The Macerich Company (NYSE:MAC) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,174 shares of the real estate investment trust’s stock after selling 1,070 shares during the quarter. Arizona State Retirement System’s holdings in Macerich were worth $928,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MAC. Point72 Hong Kong Ltd bought a new stake in Macerich during the 2nd quarter worth about $29,000. Harvest Fund Management Co. Ltd bought a new stake in Macerich during the 3rd quarter worth about $36,000. Anchor Investment Management LLC bought a new stake in Macerich during the 4th quarter worth about $40,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Macerich by 42.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,831 shares of the real estate investment trust’s stock valued at $43,000 after purchasing an additional 1,136 shares during the period. Finally, CWM LLC raised its holdings in shares of Macerich by 51.0% in the 3rd quarter. CWM LLC now owns 5,409 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 1,826 shares during the period. 87.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MAC shares. Citigroup raised shares of Macerich from a “sell” rating to a “neutral” rating and upped their target price for the company from $8.00 to $17.00 in a report on Friday, March 22nd. Piper Sandler upped their price target on shares of Macerich from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday, December 20th. Truist Financial reiterated a “hold” rating and issued a $16.00 price target on shares of Macerich in a research note on Monday, March 25th. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research note on Tuesday, March 12th. Finally, The Goldman Sachs Group upped their price target on shares of Macerich from $9.00 to $13.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.40.

Macerich Stock Performance

Shares of NYSE:MAC opened at $15.80 on Wednesday. The company’s 50 day moving average price is $16.57 and its two-hundred day moving average price is $14.30. The Macerich Company has a 12-month low of $9.05 and a 12-month high of $17.69. The firm has a market cap of $3.41 billion, a PE ratio of -12.44, a PEG ratio of 1.80 and a beta of 2.33. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.67.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.26). Macerich had a negative return on equity of 10.26% and a negative net margin of 31.00%. The business had revenue of $238.70 million for the quarter, compared to analyst estimates of $224.49 million. During the same quarter in the previous year, the company earned $0.53 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities research analysts predict that The Macerich Company will post 1.81 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 4th. Shareholders of record on Friday, February 16th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.30%. Macerich’s payout ratio is presently -53.54%.

Insiders Place Their Bets

In other news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the sale, the director now owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Hern Thomas E. O sold 7,964 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $16.39, for a total transaction of $130,529.96. Following the completion of the sale, the director now owns 197,900 shares of the company’s stock, valued at approximately $3,243,581. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Hern Thomas E. O sold 95,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $16.94, for a total transaction of $1,609,300.00. Following the sale, the director now directly owns 102,900 shares of the company’s stock, valued at approximately $1,743,126. The disclosure for this sale can be found here. Insiders have sold a total of 172,964 shares of company stock worth $2,940,030 in the last quarter. Corporate insiders own 0.57% of the company’s stock.

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.