Shares of The Macerich Co. (NYSE:MAC) dropped 3.1% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $75.63 and last traded at $75.84, with a volume of 680,092 shares. The stock had previously closed at $78.25.
Specifically, EVP Robert D. Perlmutter sold 1,500 shares of the firm’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $81.52, for a total value of $122,280.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Randy L. Brant sold 24,250 shares of the firm’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $83.10, for a total value of $2,015,175.00. The disclosure for this sale can be found here. 3.54% of the stock is owned by insiders.
MAC has been the subject of several research analyst reports. Deutsche Bank AG raised their price objective on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a research note on Monday, July 18th. Credit Suisse Group AG restated a “sell” rating and issued a $78.00 price objective on shares of The Macerich in a research note on Tuesday, August 2nd. Zacks Investment Research cut The Macerich from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. raised their target price on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Canaccord Genuity raised their target price on The Macerich from $80.00 to $84.00 and gave the stock a “hold” rating in a report on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $88.00.
The stock has a market cap of $10.92 billion, a PE ratio of 12.77 and a beta of 0.90. The stock has a 50 day moving average price of $81.16 and a 200 day moving average price of $81.13.
The Macerich (NYSE:MAC) last released its quarterly earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.04. The business had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $252.32 million. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The company’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. On average, equities research analysts predict that The Macerich Co. will post $4.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were issued a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Wednesday, August 17th. The Macerich’s dividend payout ratio is currently 45.87%.
Several large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its stake in shares of The Macerich by 3.1% in the first quarter. Legal & General Group Plc now owns 933,940 shares of the real estate investment trust’s stock worth $74,005,000 after buying an additional 27,969 shares during the period. Capital Fund Management S.A. bought a new stake in shares of The Macerich during the second quarter worth approximately $13,005,000. AMP Capital Investors Ltd boosted its stake in shares of The Macerich by 16.2% in the first quarter. AMP Capital Investors Ltd now owns 115,898 shares of the real estate investment trust’s stock worth $9,162,000 after buying an additional 16,177 shares during the period. Oakbrook Investments LLC boosted its stake in shares of The Macerich by 10.7% in the second quarter. Oakbrook Investments LLC now owns 8,251 shares of the real estate investment trust’s stock worth $705,000 after buying an additional 800 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of The Macerich by 19.4% in the second quarter. State Board of Administration of Florida Retirement System now owns 237,270 shares of the real estate investment trust’s stock worth $20,261,000 after buying an additional 38,553 shares during the period. Institutional investors and hedge funds own 94.66% of the company’s stock.
The Macerich Company Profile
The Macerich 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. It owns 56 million square feet of real estate consisting primarily of interests in 51 regional shopping centers.
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