Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 146,192 Shares of The Macerich Company (NYSE:MAC)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of The Macerich Company (NYSE:MAC) by 150.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 243,137 shares of the real estate investment trust’s stock after acquiring an additional 146,192 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Macerich were worth $2,740,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP increased its stake in shares of Macerich by 10,681.8% in the second quarter. Allworth Financial LP now owns 2,372 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 2,350 shares during the period. Point72 Hong Kong Ltd bought a new position in Macerich in the second quarter worth approximately $29,000. CWM LLC boosted its holdings in Macerich by 176.5% in the second quarter. CWM LLC now owns 3,583 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 2,287 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Macerich by 42.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,831 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 1,136 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Macerich in the second quarter worth approximately $90,000. 90.14% of the stock is currently owned by institutional investors.

Macerich Price Performance

NYSE:MAC opened at $11.36 on Tuesday. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -7.33, a P/E/G ratio of 2.49 and a beta of 2.18. The Macerich Company has a 52-week low of $8.77 and a 52-week high of $14.51. The stock has a fifty day moving average of $10.87 and a 200 day moving average of $11.12. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.95 and a current ratio of 0.95.

Macerich (NYSE:MAC) last issued its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported ($1.22) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($1.66). The firm had revenue of $218.20 million for the quarter, compared to the consensus estimate of $200.63 million. Macerich had a negative return on equity of 12.04% and a negative net margin of 38.30%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. On average, research analysts expect that The Macerich Company will post 1.79 EPS for the current fiscal year.

Macerich Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Thursday, November 9th will be issued a dividend of $0.17 per share. The ex-dividend date is Wednesday, November 8th. This represents a $0.68 dividend on an annualized basis and a yield of 5.99%. Macerich’s dividend payout ratio is presently -43.87%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MAC. Piper Sandler upgraded Macerich from an “underweight” rating to a “neutral” rating and raised their target price for the company from $11.00 to $12.00 in a report on Monday, October 2nd. StockNews.com began coverage on Macerich in a report on Thursday, October 5th. They issued a “sell” rating on the stock. Two analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. According to data from MarketBeat.com, Macerich currently has an average rating of “Reduce” and an average price target of $11.90.

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.