Strs Ohio reduced its position in Macerich Co (NYSE:MAC) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 206,667 shares of the real estate investment trust’s stock after selling 20,806 shares during the period. Strs Ohio owned about 0.15% of Macerich worth $11,744,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MAC. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Macerich in the 2nd quarter worth approximately $207,000. Harvest Management LLC purchased a new position in Macerich in the 1st quarter worth approximately $224,000. Dynamic Technology Lab Private Ltd purchased a new position in Macerich in the 1st quarter worth approximately $242,000. IFM Investors Pty Ltd purchased a new position in Macerich in the 2nd quarter worth approximately $287,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Macerich by 17.9% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 7,268 shares of the real estate investment trust’s stock worth $413,000 after acquiring an additional 1,104 shares during the last quarter. Institutional investors own 95.39% of the company’s stock.
MAC has been the subject of a number of recent analyst reports. ValuEngine lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Boenning Scattergood set a $75.00 price objective on shares of Macerich and gave the stock a “buy” rating in a report on Friday, May 4th. Zacks Investment Research lowered shares of Macerich from a “hold” rating to a “sell” rating in a report on Wednesday, May 30th. Barclays boosted their price objective on shares of Macerich from $56.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, May 31st. Finally, Morgan Stanley decreased their price objective on shares of Macerich from $62.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, June 14th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $64.47.
Shares of MAC opened at $57.82 on Friday. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 2.26 and a beta of 0.86. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.50. Macerich Co has a 1-year low of $52.12 and a 1-year high of $69.73.
Macerich (NYSE:MAC) last announced its earnings results on Wednesday, August 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.91). The company had revenue of $234.50 million for the quarter, compared to analysts’ expectations of $216.37 million. Macerich had a net margin of 2.52% and a return on equity of 1.58%. Macerich’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. sell-side analysts expect that Macerich Co will post 3.86 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Shareholders of record on Friday, August 17th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Thursday, August 16th. This represents a $2.96 dividend on an annualized basis and a yield of 5.12%. Macerich’s dividend payout ratio is presently 75.32%.
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 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
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