Public Sector Pension Investment Board Trims Stock Holdings in The Macerich Company (NYSE:MAC)

Public Sector Pension Investment Board reduced its position in The Macerich Company (NYSE:MAC) by 3.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 458,271 shares of the real estate investment trust’s stock after selling 16,400 shares during the period. Public Sector Pension Investment Board’s holdings in Macerich were worth $8,359,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Townsquare Capital LLC increased its holdings in shares of Macerich by 7.2% during the 3rd quarter. Townsquare Capital LLC now owns 13,448 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 902 shares during the last quarter. FMR LLC raised its holdings in shares of Macerich by 12,475.9% during the 3rd quarter. FMR LLC now owns 11,772,891 shares of the real estate investment trust’s stock valued at $214,738,000 after buying an additional 11,679,276 shares during the period. Fisher Asset Management LLC raised its stake in shares of Macerich by 1.1% during the third quarter. Fisher Asset Management LLC now owns 2,995,741 shares of the real estate investment trust’s stock valued at $54,642,000 after purchasing an additional 31,586 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Macerich by 6.9% during the third quarter. Daiwa Securities Group Inc. now owns 72,080 shares of the real estate investment trust’s stock worth $1,315,000 after purchasing an additional 4,676 shares in the last quarter. Finally, Algert Global LLC grew its stake in shares of Macerich by 5.5% during the third quarter. Algert Global LLC now owns 167,621 shares of the real estate investment trust’s stock valued at $3,057,000 after acquiring an additional 8,780 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Price Performance

Shares of NYSE MAC opened at $21.21 on Friday. The Macerich Company has a fifty-two week low of $11.30 and a fifty-two week high of $21.71. The firm’s 50-day simple moving average is $18.71 and its 200 day simple moving average is $16.52. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.68. The stock has a market cap of $4.78 billion, a P/E ratio of 54.39, a P/E/G ratio of 0.72 and a beta of 2.50.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.90). Macerich had a net margin of 8.98% and a return on equity of 3.15%. The company had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Macerich’s revenue for the quarter was up .9% compared to the same quarter last year. Equities analysts expect that The Macerich Company will post 1.59 EPS for the current year.

Macerich Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.21%. The ex-dividend date is Tuesday, November 12th. Macerich’s dividend payout ratio (DPR) is presently 174.36%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MAC. Piper Sandler lifted their price target on shares of Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 3rd. Bank of America boosted their price target on Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Evercore ISI raised their price objective on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. The Goldman Sachs Group raised their target price on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a report on Thursday, September 19th. Finally, Compass Point upped their target price on Macerich from $20.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Macerich currently has an average rating of “Hold” and an average price target of $16.40.

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.