Insider Buying: Macerich Co (NYSE:MAC) EVP Acquires 3,000 Shares of Stock

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Macerich Co (NYSE:MAC) EVP Kenneth Volk acquired 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $30.43 per share, with a total value of $91,290.00. The purchase was disclosed in a filing with the SEC, which is available at this link.

MAC stock opened at $29.91 on Thursday. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $4.29 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 3.71 and a beta of 0.73. Macerich Co has a 1 year low of $28.87 and a 1 year high of $59.22. The company has a fifty day moving average of $32.55.

Macerich (NYSE:MAC) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The company had revenue of $227.97 million for the quarter, compared to analysts’ expectations of $213.18 million. Macerich had a return on equity of 3.49% and a net margin of 11.59%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the business posted $0.96 earnings per share. Analysts predict that Macerich Co will post 3.56 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Monday, August 19th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 10.03%. The ex-dividend date is Friday, August 16th. Macerich’s payout ratio is 77.92%.

A number of hedge funds have recently bought and sold shares of the business. Cornerstone Advisors Inc. raised its stake in shares of Macerich by 183.9% during the second quarter. Cornerstone Advisors Inc. now owns 1,093 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 708 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of Macerich by 1,253.3% during the second quarter. Bessemer Group Inc. now owns 1,218 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 1,128 shares in the last quarter. Pearl River Capital LLC bought a new stake in shares of Macerich during the first quarter valued at about $62,000. CSat Investment Advisory L.P. raised its stake in shares of Macerich by 50.8% during the first quarter. CSat Investment Advisory L.P. now owns 1,544 shares of the real estate investment trust’s stock valued at $67,000 after purchasing an additional 520 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in shares of Macerich during the first quarter valued at about $78,000. Institutional investors own 97.60% of the company’s stock.

A number of equities analysts have commented on the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Macerich in a report on Monday, August 5th. Barclays reiterated a “hold” rating and issued a $36.00 target price on shares of Macerich in a research note on Thursday, July 18th. Morgan Stanley cut their target price on Macerich from $180.00 to $170.00 and set an “underweight” rating on the stock in a research note on Thursday, June 20th. Finally, Citigroup cut their target price on Macerich from $46.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, June 28th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $58.00.

About Macerich

Macerich, an S&P 500 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. Macerich currently owns 51 million square feet of real estate consisting primarily of interests in 47 regional shopping centers.

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