New Mexico Educational Retirement Board lowered its position in shares of Macerich Co (NYSE:MAC) by 57.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 11,100 shares of the real estate investment trust’s stock after selling 15,162 shares during the period. New Mexico Educational Retirement Board’s holdings in Macerich were worth $729,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in Macerich by 5.2% during the third quarter. Bank of New York Mellon Corp now owns 2,899,041 shares of the real estate investment trust’s stock valued at $159,359,000 after buying an additional 143,975 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Macerich by 2.5% during the third quarter. Dimensional Fund Advisors LP now owns 2,047,155 shares of the real estate investment trust’s stock valued at $112,533,000 after buying an additional 49,918 shares in the last quarter. Third Point LLC bought a new position in Macerich during the third quarter valued at about $94,878,000. Canada Pension Plan Investment Board boosted its stake in Macerich by 39.4% during the third quarter. Canada Pension Plan Investment Board now owns 1,252,483 shares of the real estate investment trust’s stock valued at $68,849,000 after buying an additional 353,900 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Macerich by 6.3% during the third quarter. Legal & General Group Plc now owns 1,224,305 shares of the real estate investment trust’s stock valued at $67,301,000 after buying an additional 72,046 shares in the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the company. Sandler O’Neill reaffirmed a “hold” rating and set a $71.00 target price on shares of Macerich in a research note on Tuesday, January 23rd. Royal Bank of Canada cut Macerich from an “outperform” rating to a “sector perform” rating and set a $66.00 target price for the company. in a research note on Wednesday, January 3rd. Evercore ISI cut Macerich from an “in-line” rating to an “underperform” rating and set a $62.00 target price for the company. in a research note on Monday, December 11th. Wells Fargo & Co raised Macerich from a “market perform” rating to an “outperform” rating and set a $72.50 target price for the company in a research note on Tuesday, December 19th. Finally, Barclays decreased their target price on Macerich from $62.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $67.26.
Macerich (NYSE:MAC) last announced its earnings results on Monday, February 5th. The real estate investment trust reported $1.03 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.11). Macerich had a net margin of 14.71% and a return on equity of 3.91%. The company had revenue of $245.30 million for the quarter, compared to analysts’ expectations of $237.90 million. During the same period in the prior year, the company earned $1.17 earnings per share. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. sell-side analysts anticipate that Macerich Co will post 3.97 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Stockholders of record on Wednesday, February 21st will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 4.99%. The ex-dividend date of this dividend is Tuesday, February 20th. Macerich’s dividend payout ratio is 290.20%.
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The Macerich Company is a self-administered and self-managed real estate investment trust (REIT). The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company owns ownership interests in, The Macerich Partnership, L.P.
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