Macerich Company (The) $MAC Stock Position Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in Macerich Company (The) (NYSE:MAC) by 18.7% in the third quarter, Holdings Channel reports. The fund owned 201,057 shares of the real estate investment trust’s stock after selling 46,210 shares during the quarter. State of Alaska Department of Revenue’s holdings in Macerich were worth $4,494,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of Macerich by 14.7% during the 1st quarter. Fifth Third Bancorp now owns 3,666 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 471 shares during the last quarter. Arizona State Retirement System lifted its stake in Macerich by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 70,823 shares of the real estate investment trust’s stock valued at $1,784,000 after purchasing an additional 507 shares during the last quarter. Hanover Advisors Inc. lifted its stake in Macerich by 4.9% in the 1st quarter. Hanover Advisors Inc. now owns 14,715 shares of the real estate investment trust’s stock valued at $278,000 after purchasing an additional 694 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Macerich by 90.0% in the third quarter. Farther Finance Advisors LLC now owns 1,799 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 852 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in shares of Macerich by 2.1% during the 1st quarter. IFM Investors Pty Ltd now owns 41,827 shares of the real estate investment trust’s stock valued at $791,000 after acquiring an additional 858 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Trading Down 0.5%

NYSE:MAC traded down $0.12 on Friday, reaching $22.98. 4,793,114 shares of the stock traded hands, compared to its average volume of 3,398,914. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of -35.35, a price-to-earnings-growth ratio of 1.68 and a beta of 2.10. The company’s 50 day moving average is $23.27 and its 200-day moving average is $23.27. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67. Macerich Company has a 1-year low of $16.03 and a 1-year high of $26.67.

Macerich (NYSE:MAC) last released 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 firm had revenue of $249.71 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. Equities research analysts anticipate that Macerich Company will post 1.48 EPS for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, September 14th were given a dividend of $0.17 per share. The ex-dividend date was Monday, September 14th. This represents a $0.68 annualized dividend and a dividend yield of 3.0%. Macerich’s dividend payout ratio is -104.62%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. BNP Paribas Exane initiated coverage on Macerich in a report on Friday, October 9th. They issued an “outperform” rating and a $28.00 target price for the company. Jefferies Financial Group upgraded shares of Macerich to a “strong-buy” rating in a report on Friday, June 26th. Mizuho set a $28.00 price target on shares of Macerich in a research note on Wednesday, August 5th. Griffin Securities set a $26.00 price target on shares of Macerich in a report on Tuesday, August 18th. Finally, Wall Street Zen upgraded shares of Macerich from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Macerich presently has a consensus rating of “Moderate Buy” and an average price target of $26.19.

Insider Buying and Selling at Macerich

In related news, CAO Christopher Zecchini sold 2,740 shares of Macerich stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $23.28, for a total transaction of $63,787.20. Following the completion of the transaction, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by company insiders.

Macerich Company Profile

Macerich (NYSE: MAC) is a self-managed real estate investment trust that owns, operates and develops retail and mixed-use properties in the United States. The company’s portfolio is primarily composed of regional town centers and shopping malls located in major metropolitan areas and attractive growth markets.

Macerich’s properties provide space for a broad range of retailers, restaurants, entertainment venues and service businesses. In addition to managing its shopping centers, the company focuses on leasing, property redevelopment and creating mixed-use destinations that can include residential, office, hotel and other complementary uses.

Founded in 1964, Macerich has grown through the acquisition, development and redevelopment of retail real estate.