California Public Employees Retirement System lowered its stake in Macerich Co (NYSE:MAC) by 14.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 348,391 shares of the real estate investment trust’s stock after selling 57,375 shares during the period. California Public Employees Retirement System owned 0.25% of Macerich worth $11,006,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in MAC. Cohen & Steers Inc. increased its position in shares of Macerich by 105.1% in the 2nd quarter. Cohen & Steers Inc. now owns 13,228,878 shares of the real estate investment trust’s stock worth $443,035,000 after purchasing an additional 6,780,378 shares during the last quarter. Smead Capital Management Inc. bought a new stake in shares of Macerich in the 3rd quarter worth about $61,752,000. Daiwa Securities Group Inc. increased its position in shares of Macerich by 59.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,953,948 shares of the real estate investment trust’s stock worth $132,418,000 after purchasing an additional 1,470,315 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Macerich by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 20,554,457 shares of the real estate investment trust’s stock worth $688,368,000 after purchasing an additional 711,878 shares during the last quarter. Finally, Timbercreek Investment Management Inc. bought a new stake in shares of Macerich in the 3rd quarter worth about $20,289,000.
Shares of NYSE:MAC opened at $27.83 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.77. Macerich Co has a fifty-two week low of $26.87 and a fifty-two week high of $51.95. The firm has a 50-day simple moving average of $28.98 and a 200 day simple moving average of $33.08. The company has a market cap of $3.92 billion, a PE ratio of 7.58, a P/E/G ratio of 4.31 and a beta of 0.73.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 10.78%. The ex-dividend date is Thursday, November 7th. Macerich’s payout ratio is 77.92%.
MAC has been the subject of several research analyst reports. Bank of America dropped their target price on shares of Macerich from $34.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Barclays set a $33.00 target price on shares of Macerich and gave the stock a “hold” rating in a research report on Tuesday, September 10th. BMO Capital Markets downgraded shares of Macerich from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $40.00 to $33.00 in a research report on Thursday, September 26th. SunTrust Banks dropped their target price on shares of Macerich from $43.00 to $30.00 and set a “hold” rating for the company in a research report on Friday, August 23rd. Finally, Zacks Investment Research raised shares of Macerich from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research report on Monday, August 26th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $39.19.
In other news, Director Steve Hash bought 5,000 shares of Macerich stock in a transaction on Wednesday, August 14th. The stock was purchased at an average cost of $29.37 per share, with a total value of $146,850.00. Following the purchase, the director now directly owns 16,884 shares of the company’s stock, valued at approximately $495,883.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.73% of the company’s stock.
Macerich Company Profile
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 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.
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