Macerich (NYSE:MAC) CAO Christopher Zecchini Sells 2,740 Shares of Stock

Macerich Company (The) (NYSE:MAC) CAO Christopher Zecchini sold 2,740 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $23.28, for a total transaction of $63,787.20. Following the sale, the chief accounting officer owned 847 shares of the company’s stock, valued at $19,718.16. This trade represents a 76.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Macerich Stock Down 2.4%

MAC stock opened at $23.02 on Thursday. Macerich Company has a fifty-two week low of $16.03 and a fifty-two week high of $26.67. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -35.42, a PEG ratio of 1.70 and a beta of 2.06. The business’s fifty day moving average price is $24.77 and its two-hundred day moving average price is $22.68. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.88 and a quick ratio of 0.88.

Macerich (NYSE:MAC) last posted its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.05). The business had revenue of $249.71 million during the quarter, compared to the consensus estimate of $239.77 million. Macerich had a negative net margin of 16.85% and a negative return on equity of 6.26%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.33 EPS. On average, equities analysts anticipate that Macerich Company will post 1.49 earnings per share for the current year.

Macerich Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, September 14th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.68 annualized dividend and a yield of 3.0%. Macerich’s dividend payout ratio (DPR) is -104.62%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MAC. Mizuho set a $28.00 target price on shares of Macerich in a research report on Wednesday, August 5th. JPMorgan Chase & Co. upgraded Macerich from an “underweight” rating to a “neutral” rating and increased their price target for the company from $23.00 to $25.00 in a research note on Wednesday, June 17th. KeyCorp raised their price objective on Macerich from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft upgraded Macerich from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $20.00 to $27.00 in a research report on Tuesday, June 2nd. Finally, Morgan Stanley upped their target price on Macerich from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Macerich currently has an average rating of “Moderate Buy” and an average target price of $26.00.

Institutional Investors Weigh In On Macerich

Large investors have recently modified their holdings of the company. Royal Bank of Canada raised its stake in Macerich by 20.1% during the first quarter. Royal Bank of Canada now owns 77,872 shares of the real estate investment trust’s stock worth $1,338,000 after buying an additional 13,018 shares during the last quarter. AQR Capital Management LLC boosted its position in Macerich by 2.2% during the first quarter. AQR Capital Management LLC now owns 37,808 shares of the real estate investment trust’s stock valued at $640,000 after acquiring an additional 813 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Macerich by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148,592 shares of the real estate investment trust’s stock worth $2,551,000 after acquiring an additional 13,782 shares during the period. Millennium Management LLC grew its holdings in Macerich by 376.2% during the 1st quarter. Millennium Management LLC now owns 906,843 shares of the real estate investment trust’s stock worth $15,570,000 after acquiring an additional 716,394 shares during the period. Finally, Empowered Funds LLC raised its position in shares of Macerich by 12.8% in the 1st quarter. Empowered Funds LLC now owns 26,361 shares of the real estate investment trust’s stock worth $453,000 after acquiring an additional 2,983 shares in the last quarter. 87.38% of the stock is currently owned by institutional investors and hedge funds.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.