The Macerich Co. (NYSE:MAC) EVP Randy L. Brant sold 24,250 shares of The Macerich stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $83.10, for a total value of $2,015,175.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
The Macerich Co. (NYSE:MAC) opened at 82.82 on Friday. The firm has a market cap of $11.90 billion, a price-to-earnings ratio of 13.91 and a beta of 0.98. The firm’s 50-day moving average price is $82.48 and its 200-day moving average price is $81.12. The Macerich Co. has a 12 month low of $71.82 and a 12 month high of $94.51.
The Macerich (NYSE:MAC) last announced its earnings results on Monday, August 1st. The real estate investment trust reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.04. The Macerich had a return on equity of 17.91% and a net margin of 78.65%. The firm earned $259.90 million during the quarter, compared to the consensus estimate of $252.32 million. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue for the quarter was down 19.5% compared to the same quarter last year. Equities research analysts predict that The Macerich Co. will post $4.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Friday, August 19th were paid a dividend of $0.68 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $2.72 annualized dividend and a yield of 3.28%. The Macerich’s payout ratio is 45.87%.
Several research firms have issued reports on MAC. Credit Suisse Group AG restated a “sell” rating and set a $78.00 price objective on shares of The Macerich in a report on Tuesday, August 2nd. Deutsche Bank AG lifted their price objective on The Macerich from $83.00 to $84.00 and gave the stock a “hold” rating in a report on Monday, July 18th. Zacks Investment Research downgraded The Macerich from a “buy” rating to a “hold” rating in a report on Friday, August 5th. JPMorgan Chase & Co. lifted their price objective on The Macerich from $83.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Jefferies Group lifted their price objective on The Macerich from $86.00 to $88.00 and gave the stock a “hold” rating in a report on Wednesday, August 31st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $87.73.
A number of hedge funds have recently made changes to their positions in the stock. Checchi Capital Advisers LLC increased its stake in shares of The Macerich by 4.3% in the second quarter. Checchi Capital Advisers LLC now owns 1,973 shares of the real estate investment trust’s stock valued at $168,000 after buying an additional 82 shares during the last quarter. Forum Securities Ltd boosted its position in The Macerich by 0.3% in the second quarter. Forum Securities Ltd now owns 25,559 shares of the real estate investment trust’s stock valued at $2,182,000 after buying an additional 82 shares during the period. Presima Inc. boosted its position in The Macerich by 1.4% in the second quarter. Presima Inc. now owns 7,000 shares of the real estate investment trust’s stock valued at $598,000 after buying an additional 100 shares during the period. Norinchukin Bank The boosted its position in The Macerich by 4.3% in the second quarter. Norinchukin Bank The now owns 2,768 shares of the real estate investment trust’s stock valued at $236,000 after buying an additional 113 shares during the period. Finally, DNB Asset Management AS boosted its position in The Macerich by 1.9% in the second quarter. DNB Asset Management AS now owns 10,595 shares of the real estate investment trust’s stock valued at $905,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 94.66% of the company’s stock.
About The Macerich
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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