Texas Permanent School Fund lowered its holdings in Macerich Co (NYSE:MAC) by 10.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,748 shares of the real estate investment trust’s stock after selling 2,746 shares during the quarter. Texas Permanent School Fund’s holdings in Macerich were worth $1,313,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of MAC. Toronto Dominion Bank raised its holdings in shares of Macerich by 17.3% in the 2nd quarter. Toronto Dominion Bank now owns 69,502 shares of the real estate investment trust’s stock valued at $3,948,000 after buying an additional 10,273 shares during the period. Capital Fund Management S.A. raised its holdings in shares of Macerich by 243.9% in the 2nd quarter. Capital Fund Management S.A. now owns 14,788 shares of the real estate investment trust’s stock valued at $840,000 after buying an additional 10,488 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in shares of Macerich by 5.0% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 103,063 shares of the real estate investment trust’s stock valued at $5,857,000 after buying an additional 4,918 shares during the period. Standard Life Aberdeen plc raised its holdings in shares of Macerich by 424.5% in the 2nd quarter. Standard Life Aberdeen plc now owns 246,834 shares of the real estate investment trust’s stock valued at $14,028,000 after buying an additional 199,770 shares during the period. Finally, Third Avenue Management LLC raised its holdings in shares of Macerich by 29.9% in the 2nd quarter. Third Avenue Management LLC now owns 1,580,774 shares of the real estate investment trust’s stock valued at $89,836,000 after buying an additional 363,613 shares during the period. Institutional investors own 96.38% of the company’s stock.
Several equities research analysts recently issued reports on MAC shares. Goldman Sachs Group upgraded Macerich from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $52.00 to $64.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Zacks Investment Research downgraded Macerich from a “hold” rating to a “sell” rating in a report on Monday, July 30th. BMO Capital Markets set a $66.00 price objective on Macerich and gave the company a “buy” rating in a report on Wednesday, August 1st. Bank of America boosted their price objective on Macerich from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Monday, August 13th. Finally, SunTrust Banks reiterated a “hold” rating and issued a $60.00 price objective on shares of Macerich in a report on Thursday, August 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $63.97.
MAC opened at $51.12 on Friday. Macerich Co has a 12 month low of $49.41 and a 12 month high of $69.73. The firm has a market cap of $7.29 billion, a P/E ratio of 13.01, a P/E/G ratio of 2.08 and a beta of 0.82. The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 1.48.
Macerich (NYSE:MAC) last released its earnings results on Wednesday, October 31st. The real estate investment trust reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.32. Macerich had a return on equity of 3.29% and a net margin of 8.35%. The firm had revenue of $242.20 million during the quarter, compared to analysts’ expectations of $220.02 million. During the same period in the previous year, the firm posted $0.12 EPS. Macerich’s revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts forecast that Macerich Co will post 3.87 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Friday, November 9th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 5.87%. This is a boost from Macerich’s previous quarterly dividend of $0.74. The ex-dividend date is Thursday, November 8th. Macerich’s 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 52 million square feet of real estate consisting primarily of interests in 48 regional shopping centers.
Further Reading: What strategies should day traders use to execute a trade?
Want to see what other hedge funds are holding MAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Macerich Co (NYSE:MAC).
Receive News & Ratings for Macerich Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macerich and related companies with MarketBeat.com's FREE daily email newsletter.