State of New Jersey Common Pension Fund D Has $2.31 Million Position in The Macerich Company (NYSE:MAC)

State of New Jersey Common Pension Fund D cut its holdings in The Macerich Company (NYSE:MAC) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 126,584 shares of the real estate investment trust’s stock after selling 1,859 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.06% of Macerich worth $2,309,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its position in Macerich by 152.2% in the 3rd quarter. Blue Trust Inc. now owns 1,546 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 933 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Macerich during the second quarter valued at $50,000. GAMMA Investing LLC boosted its holdings in Macerich by 40.9% in the third quarter. GAMMA Investing LLC now owns 3,214 shares of the real estate investment trust’s stock valued at $59,000 after acquiring an additional 933 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Macerich in the second quarter worth about $129,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Macerich by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,374 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 2,161 shares during the last quarter. Institutional investors own 87.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MAC. The Goldman Sachs Group lifted their price target on shares of Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research report on Thursday, September 19th. Evercore ISI upped their target price on shares of Macerich from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Wednesday, August 28th. Bank of America raised their price target on Macerich from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. StockNews.com downgraded Macerich from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Finally, Piper Sandler raised their target price on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $16.40.

Macerich Price Performance

NYSE MAC opened at $19.14 on Thursday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.92 and a current ratio of 0.92. The Macerich Company has a 52-week low of $10.61 and a 52-week high of $20.40. The business has a 50 day simple moving average of $17.86 and a 200 day simple moving average of $16.13. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 49.08, a PEG ratio of 0.66 and a beta of 2.50.

Macerich (NYSE:MAC) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.90). The company had revenue of $220.20 million for the quarter, compared to the consensus estimate of $208.54 million. Macerich had a return on equity of 3.15% and a net margin of 8.98%. The firm’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 EPS. Analysts anticipate that The Macerich Company will post 1.6 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.55%. Macerich’s payout ratio is presently 174.36%.

Macerich 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.