The Macerich Company (NYSE:MAC) EVP Acquires $114,000.00 in Stock

The Macerich Company (NYSE:MAC) EVP Doug J. Healey acquired 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was purchased at an average cost of $15.20 per share, for a total transaction of $114,000.00. Following the acquisition, the executive vice president now owns 78,487 shares in the company, valued at $1,193,002.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Macerich Price Performance

Shares of NYSE:MAC traded up $0.36 on Wednesday, reaching $15.61. 2,533,424 shares of the company traded hands, compared to its average volume of 2,015,160. The stock has a market capitalization of $3.37 billion, a PE ratio of -9.77, a P/E/G ratio of 1.64 and a beta of 2.38. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.95. The company’s 50 day moving average is $15.99 and its 200-day moving average is $14.75. The Macerich Company has a fifty-two week low of $9.05 and a fifty-two week high of $17.69.

Macerich (NYSE:MAC) last announced its earnings results on Wednesday, February 7th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.26). The company had revenue of $238.70 million for the quarter, compared to analysts’ expectations of $224.49 million. Macerich had a negative net margin of 38.96% and a negative return on equity of 13.42%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. As a group, analysts anticipate that The Macerich Company will post 1.77 earnings per share for the current fiscal year.

Macerich Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Friday, May 17th. Macerich’s dividend payout ratio (DPR) is currently -43.59%.

Hedge Funds Weigh In On Macerich

Several institutional investors and hedge funds have recently added to or reduced their stakes in MAC. Signaturefd LLC raised its position in Macerich by 152.4% during the fourth quarter. Signaturefd LLC now owns 2,166 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,308 shares during the period. Anchor Investment Management LLC purchased a new stake in shares of Macerich in the fourth quarter worth approximately $40,000. Quest Partners LLC acquired a new stake in shares of Macerich during the fourth quarter worth approximately $41,000. Fidelis Capital Partners LLC purchased a new position in Macerich during the first quarter valued at approximately $46,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Macerich in the 3rd quarter valued at approximately $36,000. 87.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MAC has been the subject of a number of analyst reports. Truist Financial reiterated a “hold” rating and set a $16.00 price target on shares of Macerich in a research report on Monday, March 25th. Piper Sandler downgraded shares of Macerich from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $17.00 to $11.00 in a research report on Wednesday, May 1st. Citigroup upgraded Macerich from a “sell” rating to a “neutral” rating and upped their target price for the stock from $8.00 to $17.00 in a research report on Friday, March 22nd. Mizuho lowered their price target on Macerich from $17.00 to $14.00 and set an “underperform” rating on the stock in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on Macerich from $9.00 to $13.00 and gave the stock a “sell” rating in a research note on Thursday, January 11th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Macerich presently has an average rating of “Hold” and an average target price of $14.83.

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.